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Beijing's two largest state-owned refiners, China Petrochemical Corp (Sinopec) and China National Petroleum Corp (CNPC), have reportedly declined to purchase oil to load in the month of May, Reuters reported May 10.
The U.S. president will emphasize pressuring North Korea and reworking trade deals while shoring up alliances and reaffirming Washington's commitment to the security and economic well-being of the region.
To stimulate competition in China by allowing private companies to bid on oil and natural gas blocks, the government must first either reclaim valuable land from Chinese companies or try to regulate international oil companies.
The United States' Government Accountability Office named five companies that have engaged in commercial activity with Iran's energy sector in violation of the U.S.'s sanctions on the country, Trend News Agency reported March 8.