FacebookInstagramTwitterContact

 

Denny Hamlin Holds Off Kyle Busch To Win Wild NASCAR Coca-Cola 600 In Overtime           >>           North Carolina-Indiana Men's Basketball Game Highlights ACC/Big Ten Challenge           >>           Manchester United Tell Cristiano Ronaldo He Is Not Available For Transfer – Sources           >>           LAFC Ready To Put Gareth Bale 'In A Position To Succeed' - General Manager           >>           Saudis Free Youngest Prisoner Who Faced Execution           >>           Ukraine War: Zelensky To Address G7 As Russian Missiles Hit Cities           >>           Ukraine War: UK Joins Ban On Imports Of Russian Gold           >>           South African Police Investigate Nightclub Deaths           >>           NFHS-5: Why Birth Control Remains A Woman’s Burden In India           >>           Berangkat Ke Majlis Bersanding           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:35AM

Subuh

: 04:45AM

Syuruk

: 06:10AM

Doha

: 06:34AM

Zohor

: 12:23PM

Asar

: 03:49PM

Maghrib

: 06:34PM

Isyak

: 07:50PM

 



The Business Directory


 

 



World Business


  Home > World Business


Russian Oil Is Reaching More Corners Of China’s Refining Sector


 


 June 22nd, 2022  |  14:44 PM  |   162 views

RUSSIA

 

Cheap Russian oil is finding its way into more corners of China’s refining industry, with buyers from coastal and inland regions snapping up cargoes that the US and Europe can’t touch.

 

Chinese companies registered in nine administration regions across the nation imported a record quantity of Russian crude last month, customs data show. Shipments also reached the most number of entities since January 2020, suggesting they are finding new customers in Asia’s largest refining market.

 

Asian buyers have been the main beneficiaries of the conflict in Europe, with China and India taking a record amount of Russian crude after the US, UK and European Union rolled out sanctions against Moscow over its invasion of Ukraine. Efforts to starve Putin’s administration from lucrative oil revenues have upended global flows, prompting a scramble for alternatives that has freed up Russian supplies for willing buyers across the region.

 

China bought Russian oil at an average of $93 a barrel last month, $17 cheaper than imports from Saudi Arabia during the same period, customs data show. Grades include ESPO crude, which loads from the Russian far east port of Kozmino, as well as flagship Urals.

 

About 32% of the record 8.42 million tons (2 million barrels a day) of Russian crude imports were conducted by companies registered in the Chinese capital of Beijing, according to the data. That’s where most government-owned state refiners are based, including oil titans such as China National Petroleum Corp. and Sinopec Group.

 

Just over 30% of Russian purchases was imported by entities in Heilongjiang, a landlocked area in northeastern China that borders Russia. These flows were likely done via the inland ESPO pipeline. Heilongjiang is home to several CNPC refineries.

 

Separately, estimates by data and analytics firm Vortexa Ltd. on the volume of Russia to China flows via the ESPO pipeline suggest the facility is running at maximum capacity, said its analyst Emma Li.

 

According to customs data, companies registered in Shandong, Jiangsu, Liaoning, Zhejiang, Henan, Hebei and Guangxi also imported significant volumes of Russian oil. Shandong is home to China’s private refining sector that collectively makes up about one quarter of the country’s capacity.

 

Data released by Chinese customs don’t specify the exact companies involved in buying and consuming the underlying commodity. Entities registered in a certain location may operate in areas outside of their region of incorporation.

 


 

Source:
courtesy of BLOOMBERG

by Bloomberg News

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Sabah Records 192 New Covid-19 Cases

 2022-06-25 17:08:45

NFHS-5: Why Birth Control Remains A Woman’s Burden In India

 2022-06-27 15:24:13

UK Says Ban On New Russian Gold Imports To Be Unveiled At G-7

 2022-06-26 15:12:05