Xianglu Group

"Dragon Aromatics has bought its first cargo of condensate from sanctions-hit Iran in preparation for the start of trial runs at one of China's biggest independent petrochemicals complexes, trade sources said.The petrochemical producer, owned by Taiwan's Xianglu Group, snapped up the cargo of super light crude at a deep discount, as Iran struggles to find buyers amid tightening Western sanctions.The cargo of one million barrels of South Pars condensate was bought at a discount of about $8 a barrel to dated Brent compared with a $4 discount for a comparable grade low sulphur condensate (LSC) from Qatar, traders said. That implies Dragon is benefitting about $4 million on the cargo it bought from Chinese state-run oil trader Zhuhai Zhenrong, for delivery on Nov. 8...The group is set to win government permission to import condensate, making it the only independent operator with such a permit in China. That allows it to buy the cargoes it wants so long as it uses an agent, or one of the country's handful state-designated traders, to clear them through customs, and pays a commission for the service...Dragon Aromatics is part of the Xianglu Dragon Group which owns synthetic fibre plants in Fujian province." (Reuters, "Dragon Aromatics buys Iran condensate for trial at deep discount-trade" 11/13/12) (http://en-maktoob.news.yahoo.com/dragon-aromatics-buys-iran-condensate-trial-deep-discount-073052409--business.html)

Xianglu Group is the parent company of Dragon Aromatics. (http://www.unitedagainstnucleariran.com/company/dragon-aromatics)

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