Sinopec Among China’s Oil Giants Seeking More Russian Imports
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China’s state-owned oil refining giants are speeding up purchases of Russian crude, citing the allure of cheap cargoes from the OPEC+ producer as demand recovered after Covid Zero was ditched.
China Petroleum & Chemical Corp., or Sinopec, as well as PetroChina Co. and CNOOC Ltd. have started and will continue to ramp up their procurement of Russian grades in the coming months, said people with knowledge of the matter, who asked not to be identified as the information is private. Shipments purchased include flagship Urals, which ships from Russia’s distant western ports, as well as ESPO, which loads from pacific terminals.