National Iranian Oil Company (NIOC) has announced that the
director of its fuel-oil trading division will head its office in Beijing. Maziar
Hojjati will start in July and will oversee Iran’s oil exports to China. (China
Economic Review, 26 June)
By July 1 the U.S. oil-related sanctions and EU’s ban on
insuring tankers carrying Iranian crude will be in effect and are expected to
cut the volume of Iran’s oil exports significantly. China, however, does not
accept the legality of the sanctions imposed outside the UN framework and will
continue purchasing Iranian crude at normal volume, making its purchases
critical to Iran’s oil exports. Posting a senior oil executive in Beijing
signifies China’s important position.
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