Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
China committed to Iranian oil and gas
by Daniel J. Graeber
Washington (UPI) Aug 13, 2018

According to state-run media in Iran, Chinese companies are keen on buying oil from Iran despite unilateral sanctions put in place by the United States.

Andrey Yu, the head of the China Petroleum and Chemical Industry Federation, was quoted by Iran's official Islamic Republic News Agency as saying Chinese companies weren't swayed by U.S. pressure.

"China doesn't pay attention to the U.S. sanctions on Iran," he said.

U.S. President Donald Trump in May withdrew the U.S. signature from the Joint Comprehensive Plan of Action, an Iranian nuclear deal signed between the five permanent members of the U.N. Security Council, Germany and Iran in 2015. The deal offered sanctions relief to Iran in exchange for peaceful nuclear commitments.

Trump's decision set a clock ticking on renewed sanctions pressure on Iran. By November, those sanctions reach into the Iranian energy sector and could isolate as much as 1 million barrels of oil per day at a time when the market has little room for artificial shocks.

China, engaged in simmering trade disputes with the United States, has shown no signs of retreat in the face of U.S. pressure. Yu was quoted as saying Monday that Iran is one of China's largest trading partners and it would continue to import its crude oil.

"Oil, gas and trade shouldn't be influenced by the United States anymore," he said.

China National Petroleum Corp. has said in the past it would step in if other companies were forced to leave the Iranian energy sector because of U.S. sanctions. On Monday, an official at the National Iranian Oil Co. said CNPC was not yet replacing French supermajor Total at the South Pars gas field off the coast of Iran, one of the largest gas fields in the world.

A week after Trump withdrew from the JCPOA, Total said it would have to leave the project before November unless it received sanctions waivers from U.S., French and European authorities. The European Union has introduced blocking statute meant to protect European companies doing business with Iran, though Trump said any company engaged with the Islamic republic would be cut off from the U.S. economy,

In an effort to facilitate economic openness, the Central Bank of Iran in April opened a line of credit with Turkey that could give Iran a way to continue trading. An agreement with China to use their respective currencies for trade could facilitate financial arrangements for both sides.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
New oil from British North Sea expected by 2021
Washington (UPI) Aug 7, 2018
First oil from the second phase of the Buzzard field in the British waters of the North Sea is expected in three years, a partnership announced. Nexen leads a partnership of British energy companies and services companies like Subsea 7 and Baker Hughes at the second phase of the Buzzard field. Nexen said its partners have backed a field development plan that was approved by the British Oil & Gas Authority. First oil is expected in the first quarter of 2021. Chrysaor, one of the pa ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Industrial breakthrough in CO2 usage

Scientists discover how to protect yeast from damage in biofuel production

Taming defects in nanoporous materials to put them to a good use

USTC develops a family of bioinspired artificial woods by traditional resins

OIL AND GAS
Insight into loss processes in perovskite solar cells enables efficiency improvements

Scientists create a UV detector based on nanocrystals synthesized by using ion implantation

China cooling has mixed solar power impact

French energy company ENGIE boasts of solar success

OIL AND GAS
Searching for wind for the future

Clock starts for Germany's next wind farm

ENGIE: Wind energy footprint firmed up in Norway

Batteries make offshore wind energy debut

OIL AND GAS
Extreme makeover: Fukushima nuclear plant tries image overhaul

Framatome becomes main distributor of Chesterton valve packing and seals for the nuclear energy industry

SUSI submarine robot enables successful visual Inspection at Asco Nuclear Power Plant

EDF sees new delay, cost overruns for nuclear reactor

OIL AND GAS
Despair as crippling drought hammers Australian farmers

Ever-increasing CO2 levels could take us back to the tropical climate of Paleogene period

Ten ways the planet could tip into 'Hothouse Earth'

An increase in Southern Ocean upwelling may explain the Holocene CO2 rise

OIL AND GAS
Tesla: Musk's tweet a bridge too far?

Tesla says on track for profit despite bigger 2Q loss

By turning its back on Wall Street, Tesla could avoid market pressures

EV charging in cold temperatures could pose challenges for drivers

OIL AND GAS
Removal of roadblocks in Iraq's capital oils traffic and trade

UN hails 'credible' Iraq vote recount

Iraq sentences two Europeans to life for IS membership

New protests hit southern Iraq, a month into unrest

OIL AND GAS
Lockheed contracted for Trident II missile production

US not 'starry-eyed' about NKorea nuclear deal: Bolton

Germany warns US Iran sanctions could cause 'chaos'

Japan marks 73rd anniversary of atomic attack on Hiroshima









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.