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China angry at US Sanctions Oil firm over Iran Crude

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This topic contains 2 replies, has 2 voices, and was last updated by  Charles Randall 8 years, 10 months ago.

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  • #1980

    basil parmesan
    Participant

    China angry at US sanctions on oil firm Zhuhai Zhenrong

    Chinese Premier Wen Jianbao is currently
    visiting Gulf oil-producing nations including
    Saudi Arabia

    China has criticised sanctions imposed by the US on a Chinese firm for selling refined petroleum products to Iran. China’s foreign ministry said imposing unilateral sanctions on Zhuhai Zhenrong based on US law was “unreasonable”.
    The US said on Thursday Zhuhai Zhenrong was one of three international firms to be punished for dealing with Iran. It comes as Chinese Premier Wen Jiabao visits Arab oil-producing nations amid fears of major sanctions-related disruption to Iranian oil exports.
    Mr Wen visited Saudi Arabia – China’s biggest source of imported oil – on Saturday. He told Saudi Prince Nayef both countries are “in important stages of development and there are broad prospects for enhancing cooperation,” China’s state-run news agency Xinhua reports.
    “Both sides must strive together to expand trade and co-operation, upstream and downstream, in crude oil and natural gas,” Mr Wen added. During his visit, state-run Saudi oil giant Aramco and China’s Sinopec finalised an initial agreement to build an oil refinery in the Red Sea city of Yanbu to deal with 400,000 barrels per day.Sanctions biting
    Later on Saturday, Beijing denounced Washington’s decision to punish Zhuhai Zhenrong.
    “Imposing sanctions on a Chinese company based on a domestic (US) law is totally unreasonable and does not conform to the spirit or content of the UN Security Council resolutions about the Iran nuclear issue,” Foreign Ministry spokesman Liu Weimin said.
    If the oil producing nations on the Persian Gulf decide to substitute Iran’s oil, then they will be held responsible for what happens Mohammad Ali Khatibi Iran’s Opec representative “China expressed its strong dissatisfaction and adamant opposition,” he added.
    Washington has accused Zhuhai Zhenrong of being the largest supplier of refined petroleum products to Iran.
    The US state department said the sanctions – preventing the firms from receiving US export licences, US Export Import Bank financing or any loans over $10m from US financial institutions – were part of efforts to persuade Iran to rein in its nuclear ambitions.
    The European Union has also agreed to follow the US by freezing Iranian central bank assets and impose an embargo on oil imports. The sanctions on Iranian oil exports are of particular concern to China, which is under pressure to secure enough energy supplies to keep its economy going.
    Iran is currently China’s third largest supplier of oil, after Angola and Saudi Arabia. Tehran has warned its Gulf neighbours against making up the shortfall in oil exports as the US and EU sanctions start to bite.
    “We would not consider these actions to be friendly,” Tehran’s Opec representative, Mohammad Ali Khatibi, was quoted as saying on Sunday. “If the oil producing nations on the Persian Gulf decide to substitute Iran’s oil, then they will be held responsible for what happens,” he added, in the Sharq newspaper’s report.

  • #4762

    Charles Randall
    Participant

    Here is great news item about China finally being held to same standard as rest of WTO/Western World countries. Problem is that it has gotten away with ignoring, violating, and bluffing its way around rules and regulations that China now believes it has right to do what it wants too.

    China has gained WTO status and access to higher valued western world markets but never followed any of conditions for its acceptance since entry: China fixes its currency at advantage, China does not recognize Patent and trademark rights and outright steals what it can, China on daily basis commits internet attacks/document thefts – even against US Pentagon, China subsidizes its Energy-Agriculture-Transportation-Minerals industries which gives cost advantage against other WTO countries. And finally China now the worlds largest polluter because of crazy Kyoto exemption – hasnt held any of its industry to emission regulations or investments. While EU & US struggle to get new plants with massive environmental equipment investments permitted in less 5 years, China puts on dozens a year (coal fired power plants/new refinery/new smelters) with little to no emissions control.

    If China’s blatant cheating hadn’t threatened the collapse of frustrated US/UN trade sanctions – it is doubtful their company would have been sanctioned – an they even have cheek to US for criticising it & seek relief from it via rest of Arab connections who’s JV are also enjoying China’s environmental Kyoto exempt status. Hopefully if Canada, US and Japan stick to refusal sign 2012 new treaty that will at least come to end (at least on paper).

    Everyone who holds manufacturing job needs contact Congress rep and complain about this ….. otherwise US will likely cave on this latest example of China’s unfair trade war with Western world whom our collective political leaders are protecting.
    Regards

  • #4746

    Chris Cottrell
    Participant

    Look at the smirks on both their faces. They know that despite the tough talk coming from Washington, we will cave eventually.

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