China Feb oil imports from Iran rises by 81% on year

A recent report shows that China’s February crude oil imports from the Islamic Republic of Iran have increased by more than eighty percent compared to the corresponding period last year.

China, Iran’s top crude oil customer, bought nearly 2.0 million tons of Iranian crude in February, equivalent to about 521,330 barrels per day (bpd). The figure rose 81 percent from 288,576 bpd a year earlier, Reuters reported.

Earlier this month, China’s biggest refiner announced that it will process more Iranian crude oil at its second-largest plant in 2013 than in 2012.

“We have followed the government’s requirement to maximize our import volume from Iran (this year),” Yu Xizhi, president of Sinopec Maoming Petrochemical Corp, said.

“After all, China and Iran enjoy good relations,” he noted.

At the beginning of 2012, the United States and the European Union (EU) imposed new sanctions on Iran’s oil and financial sectors.

On October 15, 2012, the EU foreign ministers agreed on another round of sanctions against Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to Non-Proliferation Treaty and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.