China Buying Iran LPG Despite Sanctions, Ship-Tracking Shows - Bloomberg:
After being hit by the trade war and U.S. sanctions on Iran, some Chinese buyers of liquefied petroleum gas from the Persian Gulf nation are finding it’s too tough a habit to kick.
China sourced around a fifth of its LPG -- used as cooking fuel, in cigarette lighters and to make plastic -- from the U.S before Beijing slapped a 25% tariff on the gas last August as the trade tussle heated up. Buyers then turned to Iran, which accounted for around a third of imports in April, before President Donald Trump blocked all energy exports from the country in May.
But some Chinese customers are still buying from Iran, according to Kpler SAS. Based on ship-tracking data, the Paris-based data intelligence firm estimates that at least five supertankers loaded Iranian LPG in May and June that was destined for China. That would equate to around $100 million of the gas, according to Bloomberg calculations.
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