Iran helps ship Syrian oil to China – report

PanARMENIAN.Net - Iran is helping its ally Syria defy Western sanctions by providing a vessel to ship Syrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million, Reuters reported.

Iran, itself a target of Western sanctions, is among Syria's closest allies and has promised to do all it can to support Assad, recently praising his handling of the year-long uprising against Assad in which thousands have been killed.

China has also shielded Assad from foreign intervention, vetoing two Western-backed resolutions at the United Nations over the bloodshed, and is not bound by Western sanctions against Syria, its oil sector and state oil firm Sytrol.

"The Syrians planned to sell the oil directly to the Chinese but they could not find a vessel," said an industry source who added that he had been asked to help Sytrol execute the deal but did not take part. The source named the Chinese buyer as Zhuhai Zhenrong Corp, a state-run company hit by U.S. sanctions in January.

A Zhuhai Zhenrong spokeswoman said: "I've never heard about this." She declined further comment.

The U.S. State Department said in January that Zhuhai Zhenrong was the largest supplier of refined petroleum products to Iran, on which the West has imposed sanctions because it suspects Tehran of trying to develop nuclear weapons. China's willingness to start importing Syrian oil offers a rare break in the country's growing isolation.

Syria, a relatively modest oil exporter, has been unable to sell its crude into Europe, its traditional destination until September last year when European Union and U.S. sanctions halted exports.

The crude oil cargo, worth around $84 million assuming a discounted price of about $100 a barrel, could provide Assad with much-needed funds after another round of sanctions designed to further isolate the country's ailing economy were imposed by the European Union last week.