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Sinochem Buys First Canada Crude Shipped Through TMX

OIL

China’s Sinochem Group has purchased a 550kbbl cargo from Suncor Energy Inc loading from the Trans Mountain Expansion pipeline in May-June according to Bloomberg sources.

  • The crude cargo will be one of the first shipped through the new pipeline in Canada which will transport oil from Alberta to the Pacific Coast for export.
  • The heavy oil purchased by Sinochem is of similar quality to Iraqi Basrah crude and will likely be refined in coker units, sources said.
  • The Trans Mountain Pipeline Expansion will be complete by the end of May, with the first waterborne exports from the expanded system starting a month later according to Danielle Smith, the Premier of Alberta on Tuesday according to Reuters.
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Homepage Bank of Canada Market NewsCommoditiesEnergy BulletsBulletCanada

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