China angry at US sanctions on oil firm Zhuhai Zhenrong
Published: 15th Jan 2012 08:38:01
China has criticised sanctions imposed by the US on a Chinese firm for selling refined petroleum products to Iran.
China's foreign ministry said imposing unilateral sanctions on Zhuhai Zhenrong based on US law was "unreasonable".
The US said on Thursday Zhuhai Zhenrong was one of three international firms to be punished for dealing with Iran.
It comes as Chinese Premier Wen Jiabao visits Arab oil-producing nations amid fears of major sanctions-related disruption to Iranian oil exports.
Mr Wen visited Saudi Arabia - China's biggest source of imported oil - on Saturday.
He told Saudi Prince Nayef both countries are "in important stages of development and there are broad prospects for enhancing cooperation," China's state-run news agency Xinhua reports.
"Both sides must strive together to expand trade and co-operation, upstream and downstream, in crude oil and natural gas," Mr Wen added.
During his visit, state-run Saudi oil giant Aramco and China's Sinopec finalised an initial agreement to build an oil refinery in the Red Sea city of Yanbu to deal with 400,000 barrels per day.
Later on Saturday, Beijing denounced Washington's decision to punish Zhuhai Zhenrong.
"Imposing sanctions on a Chinese company based on a domestic (US) law is totally unreasonable and does not conform to the spirit or content of the UN Security Council resolutions about the Iran nuclear issue," Foreign Ministry spokesman Liu Weimin said.
If the oil producing nations on the Persian Gulf decide to substitute Iran's oil, then they will be held responsible for what happens”
"China expressed its strong dissatisfaction and adamant opposition," he added.
Washington has accused Zhuhai Zhenrong of being the largest supplier of refined petroleum products to Iran.
The US state department said the sanctions - preventing the firms from receiving US export licences, US Export Import Bank financing or any loans over $10m from US financial institutions - were part of efforts to persuade Iran to rein in its nuclear ambitions.
The European Union has also agreed to follow the US by freezing Iranian central bank assets and impose an embargo on oil imports.
The sanctions on Iranian oil exports are of particular concern to China, which is under pressure to secure enough energy supplies to keep its economy going.
Iran is currently China's third largest supplier of oil, followed by Angola and Saudi Arabia.
Tehran has warned its Gulf neighbours against making up the shortfall in oil exports as the US and EU sanctions start to bite.
"We would not consider these actions to be friendly," Tehran's Opec representative, Mohammad Ali Khatibi, was quoted as saying on Sunday.
"If the oil producing nations on the Persian Gulf decide to substitute Iran's oil, then they will be held responsible for what happens," he added, in the Sharq newspaper's report.
At 12:02:41 in Northern IrelandThe Westlink in Belfast has been closed in both directions due to a security alert.
At 11:54:18 in EnglandA 12-year-old boy who died after he was hit by a skip lorry on a zebra crossing has been named by police.
At 11:46:43 in EnglandMP Sir Tony Baldry has announced he will stand down at the next general election after 30 years representing North Oxfordshire.
At 11:46:23 in WalesPolar explorer Edgar Evans and poet Vernon Watkins - a close friend of Dylan Thomas - are each to have a blue plaque in their honour in Swansea.
At 11:44:08 in EnglandSwords, machetes and knives were among 145 weapons handed to police during the first week of a Lancashire amnesty.
At 11:42:34 in SportCrystal Palace have agreed a club-record £7m fee with Wigan Athletic to sign midfielder James McArthur.
At 11:39:05 in SportBarnsley have extended the loan deal of Hull City left-back Joe Dudgeon until 5 January.
At 11:35:39 in WalesWork has started to prepare the site of Britain's biggest prison, which is to be built in Wrexham.
At 11:34:49 in EnglandMore than 500 street lights will be switched off overnight in order to save a Berkshire council money.
At 11:33:16 in EnglandA British man shot dead in the United States was due to appear before a grand jury on the day he was killed.
Harvard CitationBBC News, 2012. China angry at US sanctions on oil firm Zhuhai Zhenrong [Online] (Updated 15th Jan 2012)
Available at: http://www.ukwirednews.com/news/217896/China-angry-at-US-sanctions-on-oil-firm-Zhuhai-Zhenrong [Accessed 1st Sep 2014]
News In Other Categories
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
One of the UK's most high-profile fund managers, has said he has decided to sell his holding in HSBC, because he is worried about "fine inflation".
Police in Stranraer have launched an investigation after a pensioner was attacked and robbed in his own home.
John Bercow is expected to update Parliament on the situation regarding a new Clerk of the House of Commons amid a row with MPs over the appointment.
A 12-year-old boy who died after he was hit by a skip lorry on a zebra crossing has been named by police.
The Westlink in Belfast has been closed in both directions due to a security alert.