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China Unipec to cut Iranian oil imports 10-20 pct for 2012 - source

Wednesday, 22 February 2012 | 12:39
China's Unipec, trading arm of top Asian refiner Sinopec Corp, will likely buy 10 to 20 percent less crude oil from Iran under a 2012 term contract versus 2011, a Chinese industry executive with direct knowledge of the supply deal said.
The cuts would be mostly due to the steep reductions the Chinese refiner already made in the first quarter due to disputes over credit and price terms for the new term contract that was agreed "in principle" last week.
The executive said Unipec lifted between 260,000 and 280,000 barrels per day last year under the 2011 contract, including a first-ever term deal of Iranian South Pars condensate, a super light crude used as feedstocks for petrochemicals.
"Things will get back to normal from April," said the executive.
He also said Unipec won unchanged credit terms for the 2012 supplies against 2011.
Source: Reuters
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