Baku, Azerbaijan, Aug.5
By Fatih Karimov - Trend: Iran has stored less than 5 million barrels of gas condensates at China coasts.
Director of the International Affairs Department at National Iranian Oil Company Mohsen Ghamsari said the stored gas condensates will be sold to Chinese refiners gradually, Iran's IRNA news agency reported on August 5.
Some of the Chinese refiners buy gas condensate at small volumes. So, Iran stores large amounts of gas condensates at Chinese coasts in order to be sold to refiners at small volumes, he explained.
China's crude imports from Iran in the first half of the year were up nearly 50 percent, although shipments in June dropped nearly a third from May to the lowest level in four months.
China, Tehran's largest oil client, began stepping up purchases from the OPEC member after a preliminary nuclear deal in November of last year eased some sanctions on Iran. China has been making up the main portion of Asia's higher Iranian oil imports since then, Reuters reported on July 21.
Iran and six world powers have failed to negotiate a final resolution to a decade-old standoff over Tehran's atomic activities, but talks have been extended for another four months past the July 20 deadline.
Mostly owing to China's increases since the interim deal was agreed, Asian buyers are expected to import about 1.25 million to 1.3 million barrels per day (bpd) of Iranian oil in the first half of the year, industry and government sources have said.
China's June imports from Iran came in at 2.18 million tonnes, or 531,200 bpd, up 38 percent from a year ago and down 30 percent from May, customs data show.