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China’s Yanchang To Double Its Russian Oil Imports

OIL

China's state-controlled Shaanxi Yanchang Petroleum Group is to double its purchases of Russian ESPO blend this year to about 1m mt, according to Reuters.

  • Chinese refiners, led by independent plants in Shandong province's refining hub, are maintaining interest in the light sweet crude exported from Russia's port of Kozmino, keeping its price elevated.
  • The Yanchang plant has bought three ESPO cargoes for August and September deliveries into Qingdao port, according to Reuters’ sources, taking the total purchases in 2023 to 600k-700k tonnes.
  • Backed by the Shaanxi provincial government, Yanchang Petroleum is a rare regional oil and gas producer outside the national energy majors, processing around 280 kb/d of crude.
Energy BulletsCommodities
Energy BulletsCommodities

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