“Shandong Port Group has barred ships under US sanctions from entering ports in eastern China’s Shandong province, three traders said.”, — write: epravda.com.ua
Shandong Port Group has barred ships under US sanctions from entering ports in eastern China’s Shandong province, three traders said. This is reported by the Reuters agency. China’s Shandong province is home to many independent refiners, which are the main importers of oil from US embargoed countries. According to vessel tracking data from Kpler, Shandong province imported about 1.74 million barrels per day of oil from Iran, Russia and Venezuela last year, accounting for about 17% of China’s total oil imports.Advertisement: If implemented, the ban would raise shipping costs for independent refineries in Shandong, the main buyers of discounted sanctioned oil from these three countries, traders noted. Last month, Washington introduced additional sanctions against companies and the “shadow fleet” that deal with Iranian oil. President-elect Donald Trump, who takes office on January 20, is likely to further tighten sanctions against Iran, as he did during his first term. Traders warned that the ban could slow imports to China, the world’s biggest oil importer.Advertisement: Monday’s Shandong Port announcement, obtained by two traders and confirmed by a third, bans the ports from receiving, discharging or providing services to ships listed by the Administration of Office of Foreign Assets Control (OFAC). Shandong Port operates major ports on China’s east coast, such as Qingdao, Zhizhao and Yantai, which are key terminals for the import of sanctioned oil.