China Feb oil imports from Iran rises by 81% on year

A recent report shows that China's February crude oil imports from the Islamic Republic of Iran have increased by more than eighty percent compared to the corresponding period last year. China, Iran's top crude oil customer, bought nearly 2.0 million tons of Iranian crude in February, equivalent to about 521,330 barrels per day (bpd). The figure rose 81 percent from 288,576 bpd a year earlier, Reuters reported.

Earlier this month, China's biggest refiner announced that it will process more Iranian crude oil at its second-largest plant in 2013 than in 2012. "We have followed the government's requirement to maximize our import volume from Iran (this year)," Yu Xizhi, president of Sinopec Maoming Petrochemical Corp, said. "After all, China and Iran enjoy good relations," he noted.