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China Independent Refiners Ramping Up Russian Sokol Purchases

OIL

The Russian tanker Krymsk, impacted by recent US sanctions on Sovcomflot, docked on Wednesday at the Chinese port of Dongying in eastern Shandong province according to LSEG.

  • It is the second sanctioned Russian tanker to dock at Chinese ports this month after the Liteyny Prospect discharged 700,000 bbls of Sokol crude at the Chinese port of Huanghua near Cangzhou city in Hebei province.
  • India was unable to take the Sokol cargoes due to payment issues and potentially sanctions issues surrounding the vessels.
  • Chinese independent refiners have been key buyers of sanctioned barrels.
  • China's Sokol crude imports surged this month and may hit an all-time high of 379,000 barrels per day, according to Kpler projections.
Energy BulletsCommodities
Energy BulletsCommodities

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