Latest news with #US-sanctioned
Business Times
a day ago
- Business
- Business Times
Major Chinese ports keep Iranian oil flowing despite sanctions
[SINGAPORE] Some of China's largest ports have received Iranian crude this year, supporting a multi-billion oil trade and highlighting a significant gap in US efforts to curb funds for Tehran's military and to uphold existing sanctions. From January to June, terminals in the port clusters around Qingdao, Dalian and Zhoushan – major import points that take industrial metals, agricultural and consumer goods, as well as oil – have helped China purchase almost 1.4 million barrels a day of Iranian crude, according to data analytics firm Kpler. In June alone, ports located around Qingdao received as much as 15.5 million barrels of Iranian crude, Kpler data show, equivalent to close to US$1 billion at current prices for the discounted oil, with sanctioned tankers used in different legs of the journey from the Persian Gulf to China. The same pattern was repeated elsewhere along China's eastern coast, with ports such as Dongjiakou and Lanqiao also taking Iranian cargoes. Though China does not officially recognise US sanctions and defends its right to trade with Iran, large companies with ties to international markets have typically been extremely conservative when it comes to dealing with Tehran and especially with sanctioned counterparts. They fear the prospect of getting tangled in Washington's enforcement efforts and being cut out of international markets. Earlier this year, ports in Shandong were urged by their parent company to keep sanctioned tankers away from their terminals. The continued use of large ports reflects China's pragmatic reading of mixed messages from the Trump administration, which has promised 'maximum pressure' and bombed nuclear sites, only for the US president to write days later on social media that China 'can continue to purchase oil from Iran'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While Washington has rolled out several rounds of restrictions on Chinese entities seen to be aiding the flows, the US Treasury Department has mainly focused its efforts on tankers and steered clear of bigger ports and refineries. To date, only one port terminal in Shandong's Dongying region has been blacklisted for receiving Iranian shipments, a move that was interpreted by traders as a deliberate signal meant to avoid collateral damage across other sectors. The resilience of the flows also reflects China's continued need for the discounted barrels, used by a vast private refining industry that has struggled with paper-thin margins as the economy cools. Officially, according to Chinese customs data, the country has not imported a single barrel of Iranian crude since mid-2022. But oil that loads at Iranian ports typically makes its way from the Persian Gulf to the waters off Malaysia or to another transfer point, where it is moved from one tanker to another at sea. US-sanctioned vessels are often used on the Iran-to-Malaysia leg of the journey, before transfers are made to other ships, often from the so-called dark fleet, for the remainder of their journey to China. BLOOMBERG
Indian Express
24-06-2025
- Business
- Indian Express
What are China's economic interests in Iran?
China, one of Iran's closest allies and the biggest buyer of its oil, has stayed on the sidelines of its conflict with Israel, urging a diplomatic solution. Beijing has long backed US-sanctioned Tehran as part of efforts to deepen its strategic and economic heft in the Middle East. In 2021, they signed a 25-year cooperation deal, though full details were never disclosed and analysts say follow-up implementation has been weak. However, Chinese investment in Iran lags what Beijing puts into other nations in the region. 'Chinese state-owned companies have largely stayed away, mostly out of fear of running afoul of US sanctions,' said Bill Figueroa, a China-Middle East expert at the University of Groningen in the Netherlands. The American Enterprise Institute estimates total Chinese investment since 2007 at just under $5 billion, while Chinese commerce ministry data shows its direct investments in Iran by the end of 2023 totalled $3.9 billion. By contrast, Beijing invested more than $8.1 billion in the United Arab Emirates between 2013-2022, and almost $15 billion in Saudi Arabia between 2007-2024, the think-tank says. China imports around 43 million barrels of oil per month from Iran – accounting for some 90% of Iran's oil exports and roughly 13.6% of China's crude purchases. Around 65% of total crude and condensate shipped through the Strait of Hormuz off Iran is destined for China, according to shipping data firm Vortexa. China National Petroleum Corp (CNPC) in 2016 signed a $4.8 billion deal with France's Total to develop the offshore South Pars gas field in the Gulf with an Iranian state firm. CNPC's stake of 30% was worth around $600 million. However, the state-owned petroleum giant pulled out of the project due to US pressure in 2019. CNPC also signed a deal in 2009 to develop the North Azadegan oil field, with the first phase valued at about $2 billion. The first cargo of 2 million barrels was shipped to China in 2016. China's biggest refiner Sinopec signed a $2 billion deal to develop the Yadavaran oil field in 2007. In 2017, Sinopec signed a contract worth about $2.1 billion to upgrade a refinery in Abadan near the Gulf coast. It remains under construction. In 2024, China's LDK Solar reached a deal with Iran's Ghadir Investment Group for a large-scale photovoltaic power plant with investment of around 1 billion euros ($1.16 billion). It was expected to generate 2 billion kilowatt-hours of solar power annually. In 2018, China National Machinery Industry Corporation signed a 5.3 billion yuan ($738 million) deal to expand and renovate a railway connecting Tehran with the cites of Hamedan and Sanandaj to improve connectivity in west Iran. Also that year, a subsidiary of China Railway Construction Corporation signed a contract worth 3.5 billion yuan for the 263 km Kermanshah-Khosravi railway project in west Iran, with a construction period of 48 months. China's Norinco International signed an agreement in 2018 to build the first tramway line in the Iranian city of Qazvin, at about $150 million. In 2017, China Eximbank and an Iranian state bank signed a $1.5 billion deal to upgrade and electrify a 926 km railway between Tehran and the eastern city of Mashhad as part of Beijing's Belt and Road Initiative. However, the project has stalled over financing negotiations. In 2017, China's Metallurgical Corporation (MCC) invested around $350 million in the Sepid Dasht steel plant and won a design contract for a pelletising project. However, local media reported that the projects were delayed by financing issues. ($1 = 7.1783 Chinese yuan renminbi) ($1 = 0.8623 euros)
Straits Times
24-06-2025
- Business
- Straits Times
What are China's economic interests in Iran?
China has stayed on the sidelines of Iran's conflict with Israel, urging a diplomatic solution. PHOTO: AFP BEIJING - China, one of Iran's closest allies and the biggest buyer of its oil, has stayed on the sidelines of its conflict with Israel, urging a diplomatic solution. Following are details of its investments in Iran. Cooperation pact Beijing has long backed US-sanctioned Tehran as part of efforts to deepen its strategic and economic heft in the Middle East. In 2021, they signed a 25-year cooperation deal, though full details were never disclosed and analysts say follow-up implementation has been weak. However, Chinese investment in Iran lags behind what Beijing puts into other nations in the region. 'Chinese state-owned companies have largely stayed away, mostly out of fear of running afoul of US sanctions,' said Dr Bill Figueroa, a China-Middle East expert at the University of Groningen in the Netherlands. The American Enterprise Institute estimated that total Chinese investment since 2007 at just under US$5 billion (S$6.4 billion), while Chinese commerce ministry data shows its direct investments in Iran by the end of 2023 totalled US$3.9 billion. In contrast, Beijing invested more than US$8.1 billion in the United Arab Emirates between 2013 and 2022, and almost US$15 billion in Saudi Arabia between 2007 and 2024, the think-tank said. Energy China imports around 43 million barrels of oil per month from Iran – accounting for some 90 per cent of Iran's oil exports and roughly 13.6 per cent of China's crude purchases. Around 65 per cent of total crude and condensate shipped through the Strait of Hormuz off Iran is destined for China, according to shipping data firm Vortexa. China National Petroleum Corp (CNPC) in 2016 signed a US$4.8 billion deal with France's Total to develop the offshore South Pars gas field in the Gulf with an Iranian state firm. CNPC's stake of 30 per cent was worth around US$600 million. However, the state-owned petroleum giant pulled out of the project due to US pressure in 2019. CNPC also signed a deal in 2009 to develop the North Azadegan oil field, with the first phase valued at about US$2 billion. The first cargo of 2 million barrels was shipped to China in 2016. China's biggest refiner Sinopec signed a US$2 billion deal to develop the Yadavaran oil field in 2007. In 2017, Sinopec signed a contract worth about US$2.1 billion to upgrade a refinery in Abadan near the Gulf coast. It remains under construction. In 2024, China's LDK Solar reached a deal with Iran's Ghadir Investment Group for a large-scale photovoltaic power plant with investment of around €1 billion (S$1.49 billion). It was expected to generate 2 billion kilowatt-hours of solar power annually. Railways In 2018, China National Machinery Industry Corporation signed a 5.3 billion yuan (S$945 million) deal to expand and renovate a railway connecting Tehran with the cites of Hamedan and Sanandaj to improve connectivity in west Iran. Also that year, a subsidiary of China Railway Construction Corporation signed a contract worth 3.5 billion yuan for the 263 km Kermanshah-Khosravi railway project in west Iran, with a construction period of 48 months. China's Norinco International signed an agreement in 2018 to build the first tramway line in the Iranian city of Qazvin, at about US$150 million. In 2017, China Eximbank and an Iranian state bank signed a US$1.5 billion deal to upgrade and electrify a 926km railway between Tehran and the eastern city of Mashhad as part of Beijing's Belt and Road Initiative. However, the project has stalled over financing negotiations. Metals In 2017, China's Metallurgical Corporation invested around US$350 million in the Sepid Dasht steel plant and won a design contract for a pelletising project. However, local media reported that the projects were delayed by financing issues. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Gulf Insider
10-06-2025
- Politics
- Gulf Insider
Iran Claims Access to Israel's Nuclear Secrets
Iranian Intelligence Minister Esmail Khatib is claiming Tehran has acquired a 'treasure trove' of sensitive Israeli documents, including information on Israel's secret (but long not-so-secret ) nuclear weapons program, as well as apparent evidence of US and European knowledge and support. 'The transfer of this treasure trove was time-consuming and required security measures. Naturally, the transfer methods will remain confidential, but the documents should be unveiled soon,' Khatib said. He vowed to make them public, at which point this could force either an Israeli or US official statement. Iranian state TV unveiled the alleged clandestine operation on Saturday, though no evidence was provided. Additionally, Israel has yet to acknowledge anything regarding theft of its files, which may have occurred through a cyber-breach. The Associated Press reporting on Khatib's words strongly points to cyber espionage, given the US-sanctioned intelligence chief's background: Khatib said members of the Intelligence Ministry 'achieved an important treasury of strategic, operational and scientific intelligence of the Zionist regime and it was transferred into the country with God's help.' He claimed thousands of pages of documents had been obtained and insisted they would be made public soon. Among them were documents related to the U.S., Europe and other countries, he claimed, obtained through 'infiltration' and 'access to the sources.' He did not elaborate on the methods used. However, Khatib, a Shiite cleric, was sanctioned by the U.S. Treasury in 2022 over directing 'cyber espionage and ransomware attacks in support of Iran's political goals.' Israel has for decades had an undeclared nuclear weapons program, which the United States has never formally acknowledged, also with the State Department consistently refusing to answer questions on it. The nuclear arsenal is commonly estimated to be somewhere in the range of 90 to 300 warheads, and it being undeclared means it remains completely outside international oversight. Regional Muslim-majority nations have long called out Western hypocrisy on the issue. Iran's nuclear energy program has been tightly monitored under the prior Obama JCPOA nuclear deal, and current talks with Washington aim to reestablish a similar monitoring regimen. Certainly Tehran will attempt to leverage these alleged documents as it deals with Washington on the issue. #BREAKING EU helps Israel with nuclear weaponsIran MFA says the files Iran obtained from Israel will expose active involvement of some European states in Israel's military nuclear says the same states that constantly preach non-proliferation & question Iran's… — War Intel (@warintel4u) June 9, 2025 The US has also fought entire wars on the basis that an Arab regime might have WMD (weapons of mass destruction) – with Iraq and Libya being notable cases. Gaddafi was convinced by the Bush administration to 'come in from the cold' and give up any nuclear or chemical weapons aspirations, only to be overthrown by NATO-backed and al-Qaeda linked rebels a decade later, with the help of US, French, and UK warplanes. Also read: Iran Extends Ban on Dog-walking for 'public Order, Safety and Health'
Glasgow Times
05-06-2025
- Politics
- Glasgow Times
Gangland violence 'out of control' John Swinney is told
The First Minister was challenged about justice policy following the killing of two Scottish drug gang leaders in Spain. Eddie Lyons jnr and Ross Mnaghan were shot dead at a bar in Fuengirola last Saturday night. READ NEXT: Glasgow's drug consumption centre is working says health secretary At First Minister's Questions, Conservative leader, Russell Findlay, said gangs have been allowed to operate as 'the Scottish Parliament has failed to tackle organised Crime' He branded the gang leaders parasites and cowards and highlighted policing and sentencing policy that he claimed led to a failure to tackle the problem. Findlay said: 'Two Scottish drug dealers have now been shot dead in Spain.' Referring to the ongoing, decades long, feud between the rival Daniel and Lyons gangs in Glasgow, he said: 'Their gang has waged a turf war on Scotland's streets since the dawn of devolution. 'And this has mutated to include proxy groups, including the US US-sanctioned Kinahan cartel. 'These parasites grow rich by preying on societies most vulnerable, these cowards cause terror and death with guns, knives and firebombs. 'These thugs go after journalists, politicians, businessmen, police and prison officers. 'Organised Crime is out of control and communities are living in fear.' READ NEXT: 'Don't blame us': Taxis hit back in Glasgow city centre transport row Findlay said police numbers have been cut by almost 1000, Under 25 sentencing guidelines are part of the problem and proceeds of crime law failed to recover the rtrue wealth drug dealers accumulate. He said police say 'Organised crime groups' are 'coercing young and vulnerable people to carry out some of these crimes because they are under reduced risk of imprisonment.' On Proceeds of crime, he added: 'According to the Crown Office, one drug dealer made £126m but they can only find £118,000 of assets' and called for a review. The First Minister said the government and justice authorities were tackling organised crime, which he said was 'intolerable' and 'unacceptable'. He said he did not agree it was 'out of control' and said , 'Tt requires the forensic attention of our police and criminal justice authorities to tackle it and that is being undertaken within Scotland on a relentless basis.' Swinney said there were 'flaws' with Findlay's arguments. He said: 'There are a high number of organised crime participants who are currently incarcerated for a very long time in the jails of Scotland, contributing to the significant congestion that is in our prison system just now.' On sentencing, he said he could not allow the remarks to stand. He said:' It is misleading to say to the public there are no consequences for criminal activity under the age of 25. 'There are very serious consequences which involve imprisonment.' He added: 'Scottish Crime Campus is viewed across the world as one of the most innovative and successful measures of bringing together all of the intelligence gathering in one place. And he said: 'It has to be acknowledged that the criminal justice authorities have been successful in apprehending, imprisoning, interrupting and disrupting organised crime in this country. 'That will be sustained in the years to come.'
