China: Zhuhai Zhenrong Denies Iran Link
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Thursday, 02 February 2012 |
Oil importer Zhuhai Zhenrong has vehemently denied claims that it exports fuel to Iran, calling such claims "groundless". Speaking to reporters, a spokesman said the firm has “never exported even one tonne of fuel to Iran,” despite sanctions imposed by the U.S. State Department.
The State Department has imposed sanctions on companies - Zhuhai Zhenrong, Singapore’s Kuo Oil Pte Ltd and the United Arab Emirates-based FAL Oil Company Ltd - over alleged business activities in Iran's energy sector. In a statement, the Department said Zhuhai Zhenrong was Iran's “largest supplier of refined petroleum products”.
All three companies are barred from receiving a U.S. export license, U.S. Export Import Bank financing or loans of over $10m from U.S. financial institutions. Zhenrong's spokesman, reiterating that the firm did not export to Iran, said it would not be affected by the move. “Our businesses with Iran are completely in line with international trade code, and this sanction does not apply to China,” he said.
Zhuhai Zhenrong was established in 1994, and is under the management of the state-owned Assets Supervision and Administration Commission. The company posted revenues of 61bn yuan in 2010 as it imported over 17m tonnes of crude and other oil products.
PetrolWorld 02022012
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