News // Oil and gas worldwide
Iran ships first 2mln barrels of crude to East China
20 July 2016 , 15:02Neftegaz.RU799
The National Iranian Oil Company (NIOC) reported on July 19, 2016 that Iran have targeted a new group of clients in China to sell its crude oil – a plan which may lead to an increase in imports from the country and so far more intense rivalry between it and the giant producer Saudi Arabia.
According to traders, Tehran has already sent a major crude cargo to China’s eastern Shandong province where a group of independent oil refiners – known as teapots – are situated.
The teapots were granted licenses by Beijing last year to import crude in line with Beijing's efforts to boost competition in a sector dominated by state-run groups.
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