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Sinopec Says Some Refineries Would Be Hit by a Halt in Iran Crude Oil Buying

Source: www.gulfoilandgas.com 9/1/2018, Location: Asia

Huang Wensheng, vice president of the company formally known as China Petroleum & Chemical Corp, said in the first public comment about Washington’s decision to resume sanctions on Iran that some of their downstream refineries were designed for refining Iranian oil and If they stop imports, the refineries will be negatively affected and benefits would be affected as well.

Huang added that the ongoing trade spat between U.S. and China will have a limited impact on the company’s profits.

Sinopec along with some other Chinese refineries have taken some actions such as using vessels owned by National Iranian Tanker Co. to safeguard supplies,Reuters News reported on Monday.

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