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China, Iran May Use Yuan for Settlement, Reuters Says

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(Corrects name of company in third paragraph.)

July 23 (Bloomberg) -- China and Iran are in talks to settle contracts for oil in the yuan in the face of sanctions from the United States and Europe, Reuters reported, citing unidentified industry sources.

Iran would open a yuan-denominated account in China to receive payment for crude oil that the Middle Eastern country could use for purchases of fuel and equipment and to pay for projects.

China Petrochemical Corp. first made the proposal with Iran several months ago, the report said.

Link to Company News:{CNPZ CH <Equity> CN <GO>} Link to Company News:{PRCH CH <Equity> CN <GO>}

To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net