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China Daily Oil Summary: Yulong Petchem Buys Crude Cargoes

OIL

(MNI) London - China’s Shandong Yulong Petrochemical Co. has purchased spot crude cargoes in preparation for the start of its new 400kb/d refinery according to Bloomberg sources.

  • The refinery is preparing for trial runs of its crude processing units by the end of Q2, the sources said.
  • Total imports by China and India of Russia-origin crude have been climbing of late and this has coincided with a plateauing of Russian crude on water, along with a decline in Sokol volumes according to Vortexa.
  • Previously waiting Sokol cargoes have been discharged into China at scale so far in March, and some of this is boosting CPP output in Tianjin.
  • FROM THE PRESS: Official data from January and February shows no improvement in real-estate sector fundamentals which may need longer to stabilise according to Ming Ming, chief economist at CITIC Securities.
  • China has tightened regulation in the consumer-loan sector aimed at strengthening customer rights and interests and promoting high-quality development of the industry, according to the National Financial Regulatory Administration (NFRA).


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