Reuters: China may raise Iran oil imports with new contract

China may buy more Iranian oil next year as it negotiates a new light crude contract that could raise imports from Tehran to levels not seen since tough Western sanctions were imposed in 2012, Reuters reports.

Sources say Chinese state-trader Zhuhai Zhenrong, which acts as an import agent for Sinopec (SNP) and was sanctioned by the U.S. in early 2012 for supplying gasoline to Iran, is in talks with the National Iranian Oil Co. for a new contract for condensate.

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