BEIJING (Reuters) - China’s state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year as Tehran moves to diversify its foreign reserves away from U.S. dollars.
The Chinese firm, which buys more than a tenth of exports from the world’s fourth-largest crude producer, has changed the payment currency for the bulk of its roughly 240,000 barrels per day (bpd) contract, Beijing-based sources said.
Japanese refiners who buy about 500,000 bpd of Iranian crude, nearly a quarter of Iran’s 2.2 million-bpd shipments, continue to pay in dollars but are willing to shift to yen if asked, industry sources and officials said separately.
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