Chinese Oil Refiner Says No to Crude Oil From Russia’s Rosneft
- Crude from Rosneft Oil Co. not accepted in Sinochem buy tender
- Clause takes aim at parent company, not just sanctioned units
Photographer: Andrey Rudakov/Bloomberg
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The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a unit hit by U.S. sanctions.
Sinochem International Oil (Singapore) on Monday sought crude for May-to-June delivery, company documentation seen by Bloomberg shows. While Sinochem didn’t say why it had excluded Rosneft Oil Co. from the tender, it specifies that supplies from the Russian company, plus its subsidiaries and affiliates, will not be accepted. The Singapore unit is procuring barrels for Quanzhou refinery in eastern China, operated by its parent Sinochem Group.