Send
Print
wpflare
Major Chinese oil refineries are in talks to create a group to jointly buy oil, sources familiar with the initiative told Bloomberg. According to them, negotiations are already at an advanced stage, and top managers are discussing details of the plan.
These are PetroChina, China Petroleum & Chemical (Sinopec), Sinochem Group and China National Offshore Oil Corporation, Bloomberg points out. The idea was supported by the Chinese government and regulatory authorities, the agency’s sources said. The group represents oil companies that import more than 5 million barrels per day, which in theory makes it the largest buyer of oil in the world.
To begin with, the group intends to jointly submit applications for the purchase of Russian and African oil in the spot market, Bloomberg sources noted. According to them, the companies can submit a joint application for the purchase of Russian ESPO oil as early as next month. In the future, the group may expand and allow participation of non-state processing enterprises, including so-called teapots: Chinese independent refineries, the agency said.
source: bloomberg.com
These are PetroChina, China Petroleum & Chemical (Sinopec), Sinochem Group and China National Offshore Oil Corporation, Bloomberg points out. The idea was supported by the Chinese government and regulatory authorities, the agency’s sources said. The group represents oil companies that import more than 5 million barrels per day, which in theory makes it the largest buyer of oil in the world.
To begin with, the group intends to jointly submit applications for the purchase of Russian and African oil in the spot market, Bloomberg sources noted. According to them, the companies can submit a joint application for the purchase of Russian ESPO oil as early as next month. In the future, the group may expand and allow participation of non-state processing enterprises, including so-called teapots: Chinese independent refineries, the agency said.
source: bloomberg.com
