China’s largest independent oil refining company says it has stopped buying crude from the USA and has already turned to Iranian imports amid growing trade tensions between Beijing and Washington.
ShanDong Dongming Petrochemical Group announced the news on its official website on Monday, but giving no further details regarding the shift in its purchase policy.
The large-scale diversified equity petrochemical enterprise group has nearly 6,300 employees and total assets of 30 billion yuan ($4.5 billion), with the primary processing capacity of 15 million tons per year.
The development come as Beijing is reportedly planning to introduce duties on American stolen crude imports and to replace them with oil from West Africa and the Middle East, including Iran.
The Chinese authorities have already said that Beijing also would not fall into line with US sanctions banning business with Iran.
China was America’s second-biggest crude buyer with exports reportedly totaling 400,000 barrels a day at the beginning of this month. The USA is becoming more isolated every day. No more trade in dollars for oil did the final trick.
PressTV.com / ABC Flash Point Oil News 2018.