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Full Article Images of February Follow Reuters Facebook Twitter RSS YouTube Read Exclusive: Iran helps Syria ship oil to China: sources 8:17am EDT Clinton meets Saudi king amid Syria, Iran tensions 10:53am EDT Insight: Obama's North Korean leap of faith falls short 11:14am EDT World record $540 million lottery drawing set for Friday night 11:16am EDT Apple, Foxconn set new standard for Chinese workers 6:07am EDT Discussed 249 Poll: Americans angry with Obama over gas prices 224 Cheney recovering after heart transplant: spokeswoman 218 Black friend defends shooter of Florida teen Watched Urine eggs a delicacy in China Thu, Mar 29 2012 Congressman dons a hoodie, gets kicked off House floor Wed, Mar 28 2012 Mitt Romney gets backing from George H.W. Bush 12:10am EDT Exclusive: Iran helps Syria ship oil to China: sources Tweet Share this Email Print Related News Turkey to cut purchases of Iran oil by 10 percent 8:17am EDT Analysis & Opinion Syria divides Druze in occupied mountain homeland Arab revolts bring Muslim Brotherhood’s Islamist regional vision closer Related Topics World » China » United Nations » Syria » EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to report, film or take pictures in Tehran. Credit: Reuters/Morteza Nikoubazl By Jessica Donati LONDON | Fri Mar 30, 2012 8:17am EDT LONDON (Reuters) - Iran is helping its ally Syria defy Western sanctions by providing a vessel to ship Syrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million. Iran, itself a target of Western sanctions, is among Syria's closest allies and has promised to do all it can to support Assad, recently praising his handling of the year-long uprising against Assad in which thousands have been killed. China has also shielded Assad from foreign intervention, vetoing two Western-backed resolutions at the United Nations over the bloodshed, and is not bound by Western sanctions against Syria, its oil sector and state oil firm Sytrol. "The Syrians planned to sell the oil directly to the Chinese but they could not find a vessel," said an industry source who added that he had been asked to help Sytrol execute the deal but did not take part. The source named the Chinese buyer as Zhuhai Zhenrong Corp, a state-run company hit by U.S. sanctions in January. A Zhuhai Zhenrong spokeswoman said: "I've never heard about this." She declined further comment. The U.S. State Department said in January that Zhuhai Zhenrong was the largest supplier of refined petroleum products to Iran, on which the West has imposed sanctions because it suspects Tehran of trying to develop nuclear weapons. China's willingness to start importing Syrian oil offers a rare break in the country's growing isolation. Syria, a relatively modest oil exporter, has been unable to sell its crude into Europe, its traditional destination until September last year when European Union and U.S. sanctions halted exports. The crude oil cargo, worth around $84 million assuming a discounted price of about $100 a barrel, could provide Assad with much-needed funds after another round of sanctions designed to further isolate the country's ailing economy were imposed by the European Union last week. Syria's Sytrol, which has been on the EU and U.S. sanctions list since last year, referred calls to the country's oil ministry. No one answered repeated calls by Reuters at the oil ministry. Iranian authorities were not available to comment. The source added Sytrol had enlisted contacts in Venezuela to help find a vessel that could pick up the cargo. The problem was ultimately resolved by the Iranian authorities, who sent the tanker M.T. Tour to take on the cargo. The Maltese-flagged tanker is owned by shipping firm ISIM Tour Limited, which has been identified by the U.S. Department of Treasury as a front company set up by Iran to evade sanctions. The M.T. Tour reached the Syrian port of Tartus at the weekend, where it loaded the 120,000 metric tonne (132,277 tons) cargo of light crude oil, according to the industry source and shiptracking data. Satellite tracking showed the vessel was last spotted near Port Said in Egypt, where is was due to arrive on Wednesday. Its final destination was not available but the industry source said the vessel was likely to head to China or Singapore. "I was asked to provide an option to ship to southern China or Singapore," the source said. (Reporting by Jessica Donati; Additional reporting by Chen Aizhu; Editing by Anthony Barker and Giles Elgood) World China United Nations Syria Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (22) tmc wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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