While Europe bans Iranian crude, a giant Chinese company is finalizing a multi-billion dollar pact to enter an Iranian oil field.
Sources familiar with the case explained that China Petroleum & Chemical Corporation (Sinopec) – which is among the largest state-owned companies in the Asian country – is about to sign an agreement valued at three billion dollars to carry out more developments in an Iranian oil field, without revealing its name or location.
The measure comes under the temporary exemption of sanctions on Iran, imposed by the US, and while Italy and Greece check the purchases of Iranian crude in fears of difficulties in financial transactions, added the informants, cited on Thursday by the The Wall Street Journal.
Sinopec, the sources say, have already informed their respective governments and the US State Department of their intention to seal new pacts with Iran. Sources consulted point out that the giant Chinese company is confident that it will not be subject to Washington sanctions for maintaining and deepen ties with the Persian country. The US Administration, chaired by the Republican Donald Trump, began on November 5, the application of the second round of sanctions against Iran, affecting the oil, gas and the Central Bank of the country.
That happened after Washington’s unilateral exit from the nuclear agreement, known as the Comprehensive Plan of Joint Action (PIAC or JCPOA).
What are the eight countries that can continue buying Iranian crude?
Despite Washington’s goal of “zeroing” the export of Iranian oil, there is one exception: eight countries that will not be subject, for now, to the sanctions that prevent doing business with Iran, including the purchase of oil, namely: China, South Korea, Greece, India, Italy, Japan, Taiwan and Turkey.
Many of those countries that enjoy privileges are Iran’s biggest oil consumers, which has generated criticism of the Trump Administration, even of legislators of its own party.
The White House is seeking that the governments of the aforementioned states adapt their oil purchase schemes to new sources to close the income of Iran, however, the country is one of the major producers and exporters of crude, difficult to ignore.
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Translated by JRE/AR