Sinopec turns down cut-price Iran crude:

[illusion8]

BEIJING (Reuters) - Chinese refiner Sinopec has turned down offers of bargain Iranian crude and will cut imports by up to a fifth this year, a senior Chinese oil executive said, insisting ties with the United States were more important than cut-price oil as the West squeezes Tehran over its nuclear program.

On Monday the U.S. government, which aims to choke off Tehran's oil revenue and force a halt to nuclear development it believes is aimed at making weapons, added India and South Korea, but not China, to a list of countries exempt from sanctions that begin on June 28 - cutting companies off from the U.S. financial system - noting their significant cuts in oil imports from Iran. Iran says its nuclear program is for civilian purposes.

With just 20 days to go until European Union sanctions against Iran's oil trade - effectively cutting off tanker insurance - major Asian buyers of Iranian crude were still scrambling on Tuesday for a solution to keep the oil flowing.

Sinopec turns down cut-price Iran crude: source: Thomson Reuters Business News - MSN Money

China desperately trying to avoid sanctions

 

[jbond197]

Another Western propaganda to belittle Super power Chinese guts!!

Why would China worry about the sanctions? Off course, They are decreasing the import because they didn't liked the black color of the crude

 

[Ulysses]

Iran's oil exports have declined between 1.2 and 1.8 million barrels a day, choking a key source of revenue for Iran, which remains defiant of international demands to prove that its nuclear program is peaceful.

 

[Bond]

Chinese are bending to their "white Masters"....

 

[illusion8]

Chinese are bending to their "white Masters"....

What other options do they have to avoid US sanctions.

 

[Fanling Monk]

Yeah, China is not as fortunate as the others, getting special treatments from Mommy Hilary. Well we just have to bide our time, save enough strong Yuans and move out of the house,

 

[Ulysses]

Yeah, China is not as fortunate as the others, getting special treatments from Mommy Hilary. Well we just have to bide our time, save enough strong Yuans and move out of the house,

but Mommy loves you and wants to make sure your safe.

Tuff love helps later in life

 

[Fanling Monk]

but Mommy loves you and wants to make sure your safe.

Tuff love helps later in life

Nope China's not the the 'fair' one and can never be her favorite, and besides she can't afford to feed us for she doesn't have the 3 trillion dollar property tax income as you once claimed.

 

[S10]

Heh look at the Indians jumping up and down. Sinopec is a publically traded stock in United States, thus they need to abide by American playbook. We have other companies that deal with Iran specifically. In fact, Sinopec is only one of half a dozen state oil companies operated by China.

Yet Indians act like they won the lottory.

 

[Fanling Monk]

Heh look at the Indians jumping up and down. Sinopec is a publically traded stock in United States, thus they need to abide by American playbook. We have other companies that deal with Iran specifically. In fact, Sinopec is only one of half a dozen state oil companies operated by China.

Yet Indians act like they won the lottory.

Sinopec is going to be suited big time by its shareholders if doesn't abide to the banking rules of the US/NATO camp. As for China it'll be only a little inconvenience, for she already has some currency deals with Iran.

 

[NiceGuy]

Chinese are bending to their "white Masters"....

Yeah, I wanna be your cowboy again, master US

That's why Asian can't count on China's dictatorship.