CHINA's state-run refiner Sinopec does not intend to buy Iranian oil but is pushing for permission to tap state reserves, a senior executive said on Monday, days after the U.S. waived sanctions for buyers of some Iranian crude.
The world's largest refiner is particularly exposed to the near-closure of the Strait of Hormuz because it sources roughly half of its crude oil needs from the Middle East. Sinopec is buying Saudi oil from Yanbu and sourcing from outside the Middle East, the executive said.
