China’s Mega Refiners Rush for Oil to Avert Sanctions Disruption
- Small refiners were already struggling to stay profitable
- Washington’s latest measures target more than 180 tankers
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China’s state oil companies and large private refiners are snapping up crude cargoes from the Middle East and elsewhere, hastening preparation for potential disruption in fuel supply as tighter sanctions on Russia and Iran threaten to curb near-term crude flows.
Companies including Cnooc, Shandong Yulong Petrochemical Co and Jiangsu Eastern Shenghong Co are sending out urgent inquiries to buy crude for prompt delivery, traders said on Tuesday, adding multiple grades were being considered, from the Middle East, Africa and the Americas. Cargoes for February are particularly in demand, they said.