China’s Iranian oil imports are set to rebound in December after two state-owned refiners began using the nation’s waiver from U.S. sanctions on Iran, according to industry sources and data on Refinitiv Eikon.
Sinopec resumed Iran oil imports shortly after received its waiver in November, while China National Petroleum Corp (CNPC) will restart lifting from its own Iranian production in December, three sources with knowledge of the matter told Reuters.
Top Chinese energy group CNPC, which has invested billions of dollars in Iranian oilfields, is ready to load its full share of production from December, said an oil executive with direct knowledge of CNPC’s Iran activities.
The executive, who asked not to be named, estimated CNPC will load at least two million barrels a month from December, doubling previous levels to help compensate for cuts made before sanctions on Iran’s oil exports went into effect on Nov 5.
By December, China’s Iran oil imports could reach almost 3 million tons, the Eikon data showed. A total 2.51 million tons of Iranian crude were discharged into Dalian in October and November, according to the data.