BREAKING NEWS

Iran crude oil for China's Unipec to fall, sources say

By REUTERS

FEBRUARY 20, 2012 14:36

BEIJING - Iran has reached an agreement with China's state oil traders for 2012 crude oil supply contracts, with shipments supplied to Unipec to be reduced from 2011, while volumes to Zhuhai Zhenrong Corp will remain unchanged from a year ago, trade sources said on Monday.

"Zhenrong volumes will be the same but there will be some cuts to the Unipec side," said a trading source with direct knowledge of the deals.

He declined to give more details on the reduction.

A second source also confirmed that contract volumes to Zhenrong would be unchanged from year ago, while senior industry officials have previously said that Sinopec Corp, which imports via Unipec, would reduce 2012 volumes.

Zhenrong bought around 240,000 barrels per day (bpd) from Iran last year, while Unipec bought roughly 260,000 bpd in 2011.

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