Sinopec Shanghai Petrochemicals Stops Buying Iranian Crude

China's Sinopec Shanghai Petrochemicals has not bought any Iranian crude this year, due to shipping issues and political sensitivities surrounding Iranian imports, a company executive said.

The company processed about 10.87 million tonnes of crude oil, or 220,000 barrels per day, last year, 10 percent of which was from Iran, Ye Guohua, the company's chief financial officer, told reporters at an earnings briefing.