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Sinopec, which earlier this year struck a $2.5 billion deal with Devon Energy DVN +0.64% to help develop shale fields in Ohio, Michigan and elsewhere, has an agreement with the U.S. to curtail crude imports from Iran, Chairman Fu Chengyu said in a recent interview. He did not elaborate.
Mark Dubowitz, executive director at the Foundation for Defense of Democracies, a Washington think tank that has pushed for more sanctions against Iran, said China will likely receive a second exemption. The State Department's focus, he said, is shifting to other elements of Iran's balance of payments.
"The next area of attention will be on blanket bans of all trade with Iran's energy, shipbuilding, shipping and ports sectors," he said.
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