Halting Iran Oil Purchase to Harm China Refineries : If Iran’s crude imports stops, Chinese refineries will be harmed seriously, Huang Wensheng Vice President of Sinopec Group said.

“Some of our downstream refineries were designed for refining Iranian oil,” Wensheng was quoted by Reuters as saying. “If we stop imports, the benefits would be affected,’ he added.

‘State oil trader Zhuhai Zhenrong Corp and Sinopec have taken measures to safeguard supplies, activating a clause in long-term supply agreements with National Iranian Oil Company that allows them to use vessels owned by National Iranian Tanker Co,’ Reuters reported.

China Petroleum and Chemical Corporation (Sinopec Corp) is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, strong oil and petrochemical core businesses and a complete marketing network.

The Company was incorporated on 25th February, 2000 by China Petrochemical Corporation (hereinafter referred to as ‘Sinopec Group’) as the sole initiator, pursuant to the Company Law of the People’s Republic of China. Source: IRNA

About SINOPEC
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group, established by the state in July 1998 on the basis of former China Petrochemical Corporation. Sinopec Group has a registered capital of 274.9 billion yuan with the board chairman of Sinopec Group serving as its legal representative. Sinopec Group exercises the investor’s rights to the related state assets owned by its full subsidiaries, controlled companies and share-holding companies, including receiving returns on assets, making major decisions and appointing managers. The Group operates, manages and supervises state assets according to related laws, and houlders the corresponding responsibility of maintaining and increasing the value of state assets.