China Sinopec Nearly Triples Iran Crude for 2008

A036180714.jpgTEHRAN (Fars News Agency)- China’s Sinopec Corp has agreed to buy from National Iranian Oil Company about 160,000 barrels per day of crude under a one-year pact for 2008, nearly tripling the current level, a trading source said on Thursday.

“The deal has been finalized,” the Beijing-based trading source close to the deal told Reuters.

With a separate deal agreed earlier between China’s state-run Zhuhai Zhenrong Corp and Iran, China has contracted to buy 20 million tons, or 400,000 bpd of Iranian crude for next year, roughly 6 percent of China’s total crude demand.

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