SINGAPORE : China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started, industry sources said.Russian Urals crude, typically consumed in Europe, is now heading to India and C
SINGAPORE : China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started, industry sources said.
The green light comes just as demand for transportation fuel is rebounding in China, the world's number two oil consumer, after it ended its zero-COVID policy. Unipec, the trading arm of Asia's top refiner Sinopec, is also set to resume imports although it is not immediately clear the volume it has bought and where it will be delivered, five sources familiar with the matter said."It's not a surprise to see China's state-owned refiners taking Russian oil at this moment," said a China-based oil trader.
Unipec was one of the major buyers of Russian crude oil last year when western countries shunned trade with Russia in the wake of its invasion of Ukraine. Under the mechanism, companies involved in the deals have to show U.S. officials documents proving that the price of Russian crude is below $60 a barrel. By going through middlemen, it shields Chinese majors from U.S. scrutiny of their trades, the sources said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Budget 2023 Updates | Yahoo Singapore | Yahoo Singapore
Read more »
Resident talks to Jamus Lim about challenges of households led by singles in Singapore - Singapore NewsThese are some of the issues that The Workers’ Party has spoken up about on a number of occasions to make things easier for this group, Jamus Lim said.
Read more »
Russian arms supplies to India worth US$13 billion in past 5 years: ReportsRussia supplied India with around US$13 billion of arms during the past five years, and New Delhi has orders placed with Moscow for weapons and military equipment exceeding US$10 billion, Russian state news agencies reported late on Sunday (Feb 12).
Read more »
Singapore's DBS says exposure to Adani group is 'tightly managed'SINGAPORE: DBS Group has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday (Feb 13). DBS was among a group of banks which provided finance to Adani's US$10.5 billion acquisition of Holcim's cement business in India last year.
Read more »
Best Valentine's Day credit card promotions in Singapore (2023)So you’ve done your best to plan an affordable date, but your significant other has other plans—it’s a hotel staycation, expensive branded bag, or nothing. You don’t want to break their heart…but you also don’t want to break the bank. What do you do? The next best thing is to purchase whatever you need for Valentine’s Day 2023 in the...
Read more »
Dementia Singapore taps OneService app to help families to find loved ones who go missingThe OneService app has 500,000 users. Read more at straitstimes.com.
Read more »