Kunlun Bank resumes settlement of Iraq, China will also introduce a second bank to participate
- Author:Alvin
- Source:HKSG-GRUP
- Release Date:2018-12-06
Kunlun Bank resumes settlement of Iraq, China will also introduce a second bank to participate
Since December 2, as the economic and trade issues between Chinese and Iranian companies have been resolved, Kunlun Bank has restarted the settlement business with Iranian banks. In addition, China also announced that it will start another bank's cooperation with Iran in December to facilitate the import of Iranian oil.
On November 28th, Asdollah Asgar Oladi, chairman of the Iranian Chamber of Commerce in China, said in an interview with the Iranian News Agency that starting from December 2, Chinese banks will start settlement with Iranian banks. After PetroChina replaced France's Total as the largest developer of Iran's natural gas project, China resumed its bank settlement business with Iran to facilitate the continued import of Iranian crude oil. The US penalty plan may not be effective.
“A Chinese bank will start trading with Iranian banks from December 2,” he said. “Iran will start selling oil to China next week and its funds will be in place within a month.”
It is reported that China will introduce a second bank within a month as a new channel for settlement with the Iranian side. However, starting from December 2, due to the economic and trade issues between China and Iranian companies have been resolved, Kunlun Bank has restarted the settlement business with Iranian banks. In addition, China also announced that it will start another bank's cooperation with Iran in December to facilitate the import of Iranian oil.
At the end of October, all Chinese banks suspended trading with Tehran due to a new round of US sanctions against Iran. China's Bank of Kunlun had previously called on exporters to deal with unfinished transactions with Iran, and the bank is processing payments to Iran, and there is no guarantee that these payments will continue to be paid smoothly after November.
The resumption of settlement in Iraq is another major move by China after the receipt of Total’s largest natural gas project in Iran.
According to trade traffic data from S&P Global Platts, Iran’s oil purchases in October and November rebounded after a slight decrease in imports in September. And the tanker tracking data shows that in October Iran shipped about 22 million barrels of crude oil to Dalian Port of China and handed it to China for safekeeping.
In addition to restoring bank settlements and continuing to import Iranian crude oil, China will also help Iran to extract oil. According to Reuters, on November 26, Iranian Oil Minister Bijan Zanganeh announced that PetroChina has replaced France's Total and participated in Iran's multi-billion dollar South Pars gas project, becoming the largest investor. The South Pars gas field is the largest natural gas field in the world.
It is worth noting that although the United States has repeatedly said that it wants to reduce Iranian crude oil exports to zero, its punitive measures have not received much response from the country, and its previously issued exemption list does not seem to be taken seriously.
If Russia is not exempted, it will continue to cooperate with Iran on oil cooperation.
Since December 2, as the economic and trade issues between Chinese and Iranian companies have been resolved, Kunlun Bank has restarted the settlement business with Iranian banks. In addition, China also announced that it will start another bank's cooperation with Iran in December to facilitate the import of Iranian oil.
On November 28th, Asdollah Asgar Oladi, chairman of the Iranian Chamber of Commerce in China, said in an interview with the Iranian News Agency that starting from December 2, Chinese banks will start settlement with Iranian banks. After PetroChina replaced France's Total as the largest developer of Iran's natural gas project, China resumed its bank settlement business with Iran to facilitate the continued import of Iranian crude oil. The US penalty plan may not be effective.
“A Chinese bank will start trading with Iranian banks from December 2,” he said. “Iran will start selling oil to China next week and its funds will be in place within a month.”
It is reported that China will introduce a second bank within a month as a new channel for settlement with the Iranian side. However, starting from December 2, due to the economic and trade issues between China and Iranian companies have been resolved, Kunlun Bank has restarted the settlement business with Iranian banks. In addition, China also announced that it will start another bank's cooperation with Iran in December to facilitate the import of Iranian oil.
At the end of October, all Chinese banks suspended trading with Tehran due to a new round of US sanctions against Iran. China's Bank of Kunlun had previously called on exporters to deal with unfinished transactions with Iran, and the bank is processing payments to Iran, and there is no guarantee that these payments will continue to be paid smoothly after November.
The resumption of settlement in Iraq is another major move by China after the receipt of Total’s largest natural gas project in Iran.
According to trade traffic data from S&P Global Platts, Iran’s oil purchases in October and November rebounded after a slight decrease in imports in September. And the tanker tracking data shows that in October Iran shipped about 22 million barrels of crude oil to Dalian Port of China and handed it to China for safekeeping.
In addition to restoring bank settlements and continuing to import Iranian crude oil, China will also help Iran to extract oil. According to Reuters, on November 26, Iranian Oil Minister Bijan Zanganeh announced that PetroChina has replaced France's Total and participated in Iran's multi-billion dollar South Pars gas project, becoming the largest investor. The South Pars gas field is the largest natural gas field in the world.
It is worth noting that although the United States has repeatedly said that it wants to reduce Iranian crude oil exports to zero, its punitive measures have not received much response from the country, and its previously issued exemption list does not seem to be taken seriously.
If Russia is not exempted, it will continue to cooperate with Iran on oil cooperation.