China’s Sinopec to resume import of Iranian condensate in May

06 April 2012 04:44  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has closed a deal with Iran for condensate oil purchase and will receive this year’s first cargo in May, a company source said on Friday.

Sinopec purchased 3m tonnes of Iranian condensate in 2011.

However, this year’s contract, supposed to be settled in November last year, was delayed by sanctions against Iran.

In the first four months of this year, Sinopec has been purchasing Australian condensate to replace Iranian supply, according to the source.

However, the source did not reveal the volume of 2012 contract or any other details about the transaction.

By: Amy Sun
+65 6780 4359

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