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US sanctions over Iran oil will ‘intensify Mideast turmoil’: China

AFP, Beijing
US sanctions over Iran oil will ‘intensify Mideast turmoil’: China
China, a major buyer of Iranian oil, said the US decision to impose sanctions will 'intensify turmoil' in the Middle East. AFP PHOTO

China warned yesterday that the US decision to impose sanctions on buyers of Iranian oil will “intensify turmoil” in the Middle East and in the international energy market.

The White House announced Monday it was calling an end to six-month waivers that had exempted several countries—including major importer China—from unilateral US sanctions on Iranian oil exports.

“China firmly opposes the US implementation of unilateral sanctions and its so-called long-armed jurisdiction,” foreign ministry spokesman Geng Shuang said at a regular press briefing.

“The relevant move by the United States will intensify the turmoil in the Middle East and the turmoil in the international energy market.”

In seeking to reduce Iran’s oil exports to zero, the Trump administration is targeting the country’s top revenue earner in its latest no-holds-barred move to crush the economy and scale back the clerical regime’s influence.

Eight governments were initially given the six-month reprieve on oil sanctions that had been imposed last year by the United States. The exemption will now end on May 2.

Greece, Italy, Japan, South Korea and Taiwan—have already ended or heavily reduced their purchases from Iran.

The other three are China, India and Turkey, with Ankara vowing to defy the US demands.

For its part, China will “continue to work in order to safeguard the lawful and legitimate rights of Chinese companies,” Geng said.

Japan’s Cabinet Secretary Yoshihide Suga told reporters that Tokyo hopes to “exchange opinions with related Japanese firms and discuss necessary actions to avoid (negative) impact on energy supply in Japan.”

Refiners in South Korea—which has few natural resources of its own—have relied heavily on

Iranian petroleum, especially oil condensate used to produce petrochemical products.

The country imported 2.4 million tonnes of condensate from Iran in the first quarter of this year according to

the Korea Petrochemical Industry Association (KPIA), an umbrella industry group, more than 30 percent of its total purchases.

Iranian condensate is cheaper than others and has the “best quality”, a spokesman for Hanwha Total, one of South Korea’s major petrochemical firms, told the news agency.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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