China firms selling fuel to Iran as U.S. sanctions loom

BEIJING/LONDON (Reuters)

Iran is the world’s fifth-largest crude exporter but imports up to 40 percent of its gasoline as it lacks the refining capacity to meet domestic demand.

State-run Chinese firm Zhuhai Zhenrong Corp, the world’s largest Iranian crude buyer by company and among the first to heed Tehran’s call to pay in euros instead of U.S. dollars, has been shipping a cargo or two each month to Iran for at least a year, two trade sources familiar with the company told Reuters.

Reuters