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Chinese tanker is loading Iranian Oil

Since July last year not a single tanker has loaded Iranian oil, as EU sanctions led to insurers not covering shipments. But in March a Chinese tanker loaded oil from Iran once again, Reuters reports.

According to data and official statements a Chinese-owned tanker loaded crude oil in Iran last month, which is the first time since EU imposed sanctions that effectively stopped insurance companies from covering shipments from the country, according to Reuters.

China is Iran’s most important commercial partner when it comes to crude oil and the Asian country bought roughly 440,000 barrels of oil per day in 2012. Due to the imposed sanctions, however, Chinese shipping companies have been unable to insure their tankers. So for the past 9 months they have been relying on the National Iranian Tanker Company (NITC) to transport crude oil to Chinese refineries.

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