Shandong Port Group has banned U.S.-sanctioned tankers from calling into its ports in the eastern Chinese province, home to many independent refiners that are the biggest importers of oil from countries under U.S. embargo,
Shandong Port Group has banned U.S.-sanctioned tankers from calling into its ports in the eastern Chinese province, home to many independent refiners that are the biggest importers of oil from countries under U.S. embargo, three traders said.
The province imported about 1.74 million barrels per day (bpd) of oil from Iran, Russia and Venezuela last year, accounting for about 17% of China's imports, ship tracking data from Kpler showed.
If enforced, the ban would drive up shipping costs for independent refiners in Shandong, the main buyers of discounted sanctioned crude from the three countries, the traders added.
Last month, Washington imposed further sanctions on companies and the shadow fleet that deal with Iranian oil. President-elect Donald Trump, who takes office on Jan. 20, is expected to tighten sanctions further on Iran, as he did during his first administration.
The ban could slow imports into China, the world's largest oil importing nation, traders said.
The Shandong Port notice issued on Monday was obtained from two of the traders and confirmed by a third. It forbids ports to dock, unload or provide ship services to vessels on the Office of Foreign Assets Control list managed by the U.S. Department of the Treasury.
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