China keeps buying Iranian oil despite US sanctions on Iran, shifting cargoes to ships owned by National Iranian Tanker Co (NITC) for imports, Reuters reported.
State oil trader Zhuhai Zhenrong and refiner Sinopec Group activated a clause in its long-term supply agreements with National Iranian Oil Corp that lets them use NITC-operated tankers, sources told Reuters.
Iran will cover delivery costs and risks and handle insurance as the oil price under the long-term deals changed to a delivered ex-ship basis from prior free-on-board terms.
