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China's Sinochem Buys Venezuela Crude After Easing of Sanctions

OIL

China's Sinochem Corp has agreed to buy a million barrels of heavy Venezuelan Merey crude at a discount of 11$/bbl to dated Brent crude on a DES basis for arrival in December according to Reuters sources.

  • The rare purchase from the state-owned company comes after the easing of sanctions on Venezuela's oil and gas exports for six months. Spot crude and fuel have traded through Western traders such as Trafigura and Vitol as well as through intermediaries.
  • A Sinochem statement said it "consistently conducts its operations in strict adherence to legal and regulatory requirements" and does not comment on market speculation.
  • China independent refiners face higher competition for sanctioned barrels like Russian and Venezuelan which they have been used to receiving significant discounts on.
  • Merey trades into China were typically trading at a discount of about 20$/bbl prior to the recent easing of sanctions.
Energy BulletsCommodities
Energy BulletsCommodities

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