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China raises 2001 term Iran crude imports
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posted January 18, 2001 09:31
SINGAPORE, Jan 17 (Reuters) - China has raised its term Iran crude imports for 2001 by 50 percent to 12 million tonnes, Chinese state oil traders said on Wednesday.
The contract was signed in early January between the National Iranian Oil Co (NIOC) and Chinese state oil trader Zhuhai Zhenrong Corp. Traders said China was buying more light sour Sirri and Iranian Light for 2001.
The price of the contracts was unclear, but NIOC normally sells to term customers at its monthly set official selling prices (OSP), which are based on a formula that benchmarks Oman and Dubai spot crude prices.
Besides Iran, China has also significantly raised its 2001 term crude imports from Saudi Arabia, Qatar and Oman in new contracts sealed late last year.
The import surge is due to expected higher Chinese domestic oil consumption, and flat crude output.
Zhuhai Zhenrong, an exclusive lifter of Iranian crude, had contracted to buy eight million tonnes in 2000.
All times are PT (US)
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