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EIU: China Purchases 50% of Iran's Crude Exports.

Summary: TEHRAN (FNA)- China is the buyer of more than half of Iran's exported crude oil despite the unilateral sanctions imposed by the US and the European Union on Iran's energy sector, the latest statistical report of the Economic Intelligence Unit (EIU) said.

Three other Asian countries of South Korea, Japan, and India are also major importers of Iran's crude oil, but china with 50 percent share is the biggest importer, the EIU report said.

The interest shown by the four Asian countries to purchase Iran's crude oil comes despite the harsh sanctions imposed by the EU and the US against Iran's energy sector.

After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union imposed further unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors.

Tehran has always dismissed West's pressures and stressed that sanctions and embargos merely consolidate Iranians' national resolve to continue the path of progress.

The EU measure was ratified at a ministerial meeting in January, but the 27-member bloc deferred its implementation until July 1.

Meantime, analysts believe that the EU started implementation of the sanctions against Iran at a time when it is experiencing its worst economic conditions.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:Jan 6, 2013
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