-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> World Economy -> 
Asia’s oil refiners rush to deal with trade war, sanctions
    2018-07-09  08:53    Shenzhen Daily

ASIAN oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between China and the United States, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets.

As part of a wave of retaliation for Friday’s U.S. tariffs, China has threatened a 25-percent duty on imports of U.S. crude. Meanwhile, Washington’s new sanctions against Tehran are due to kick in from November.

That double whammy is prompting Asian refiners to move swiftly, with South Korea leading the way. Under pressure from Washington, Seoul has halted all orders of Iranian oil, according to sources.

“As South Korea’s economy heavily relies on trade, it won’t be good for South Korea if the global economic slowdown happens because of a trade dispute between China and the United States,” said Lee Dal-seok, senior researcher at the Korea Energy Economic Institute (KEEI).

U.S. crude supplies to China, which have surged from virtually zero before 2017 to 400,000 barrels per day (bpd) in July, were just 5 percent of China’s overall crude imports, but these supplies are worth US$1 billion a month at current prices.

U.S. crude oil is not on the list of 545 products the Chinese Government has said it would immediately retaliate with in response to American duties.

However, crude oil is listed as a U.S. product that will receive an import tariff at an unspecified later date.

While no date has been set, industry participants expect the tariff to be levied.

In an early sign of future times, an executive from China’s Dongming Petrochemical Group, an independent refiner from Shandong Province, said his refinery had already canceled U.S. crude orders.

“We expect the Chinese Government to impose tariffs on (U.S.) crude,” the executive said, declining to be named. “We will switch to either Middle East or West African supplies,” he said.

In Japan, Asia’s third-biggest importer of crude, the oil industry has yet to react publicly to Friday’s news. The Petroleum Association of Japan previously warned refiners will have to stop loading Iranian crude oil from October if Tokyo doesn’t win an exemption on U.S.-Iran sanctions. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn