• About Us
  • Disclaimer for Pledge Times
  • T & C
  • Contact Us
Monday, December 11, 2023
Pledge Times
  • World
  • Business
  • Gaming
  • Tech
  • Entertainment
  • Science
  • Lifestyle
  • Health
  • Sports
  • World
  • Business
  • Gaming
  • Tech
  • Entertainment
  • Science
  • Lifestyle
  • Health
  • Sports
No Result
View All Result
Pledge Times
No Result
View All Result
Home World Europe

EXCLUSIVE-China’s state-owned refiners shun new Russian oil deals, sources say

by admin_l6ma5gus
April 6, 2022
in World Europe
0
EXCLUSIVE-China’s state-owned refiners shun new Russian oil deals, sources say

Oil refinery in Dongying, Shandong Province, China

By Chen Aizhu and Florence Tan

SINGAPORE (Reuters) – China’s state-owned refiners are honoring their Russian oil contracts but shunning new business despite deep discounts, heeding Beijing’s call for caution as Western sanctions against Russia for invading Ukraine are increased, they said. six people told Reuters.

State-owned Sinopec – Asia’s biggest refiner – CNOOC, PetroChina and Sinochem were sidelined in trade talks for new Russian cargoes for shipments in May, said the sources, who are aware of the matter but spoke on condition of anonymity due to to the sensitivity of the subject.

Chinese state-owned companies do not want to be seen as openly supporting Moscow with purchases of extra volumes of oil, two people said, after the US government banned Russian oil last month and the European Union imposed sanctions on top Russian exporter Rosneft and Gazprom Neft.

“State companies are cautious as their actions could be seen as representative of the Chinese government and none of them wants to be singled out as a buyer of Russian oil,” said one of the sources.

See also  Tourism alarm in Italy – expert warns of Croatia scenario

Sinopec and Petrochina declined to comment. CNOOC and Sinochem did not immediately respond to a request for comment.

China and Russia have developed increasingly close ties in recent years, and in February they announced a “no-limits” partnership. China has refused to condemn Russia’s action in Ukraine or call it an invasion, and has also repeatedly criticized Western sanctions against Russia.

The world’s biggest oil importer, China is the main buyer of Russian oil, with 1.6 million barrels a day, half of which is supplied by pipeline under government-to-government contracts.

A drop in Chinese imports of Russian crude could push its giant state-owned refiners to turn to alternative sources, heightening global supply concerns that pushed benchmark Brent crude prices to 14-year highs of close to $140 a barrel at the start. March.

TEAPOTS REFINERIES KEEP BUSINESS ‘SECRET’

Sanctions concerns have led some independent refiners known as ‘teapots’ – once a dynamic group that consumed about a third of Russia’s oil imports from China – to go unnoticed.

See also  City hopes for millions in sales: NFL dates for Frankfurt still unclear

“The negotiations of these companies were very slow and secret. Some deals are being made, but the details are kept under wraps. Nobody wants to be seen buying Russian oil in public,” said one dealer.

To keep the oil flowing, these refiners are implementing alternative payment mechanisms, such as money transfer, payment after delivery of cargo and use of Chinese currency.

tagreuters.com2022binary_LYNXNPEI350MR-BASEIMAGE


know more

+ New Montana: 3rd generation of Chevrolet pickup arrives in 2023

+ Omicron: Unexpected symptom of infection in children worries medical teams

+ Mercadão de SP vendors threaten customers with fruit blow

+ Video: Mother is attacked on social media for wearing tight clothes to take her son to school
+ Horoscope: check today’s forecast for your sign

+ What is known about fluorone?
+ Trick to squeeze lemons becomes a craze on social media
+ ‘Ichthyosaur-monster’ is discovered in Colombia

+ One twin became vegan, the other ate meat. Check the result
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship sinking in 2011
+ US Agency warns: never wash raw chicken meat

See also  Stopover in Paris - The War in Ukraine puts more pressure on the Latin American economy


#EXCLUSIVEChinas #stateowned #refiners #shun #Russian #oil #deals #sources

admin_l6ma5gus

admin_l6ma5gus

Related Posts

Israel intensifies airstrikes in southern Gaza

Israel intensifies airstrikes in southern Gaza

by admin_l6ma5gus
December 11, 2023
0

According to the Israeli army, Hamas also carried out attacks with explosives and rocket launchers on the Palestinian city of...

Equality |  Finland's international equality prize was awarded to an organization promoting Afghan women's rights

Equality | Finland's international equality prize was awarded to an organization promoting Afghan women's rights

by admin_l6ma5gus
December 11, 2023
0

The prize of 300,000 euros was handed over by Prime Minister Petteri Orpo.Finland the international equality prize has been awarded...

Employees under suspicion – case takes a mysterious turn

Employees under suspicion – case takes a mysterious turn

by admin_l6ma5gus
December 11, 2023
0

Home pageWorldWas standing: December 11, 2023, 1:49 p.mFrom: Martina LipplPressSplit750,000 euro ring found in the vacuum cleaner bag at the...

Reader's Opinion |  It's time for Helsinki to try an exercise recipe

Reader's Opinion | It's time for Helsinki to try an exercise recipe

by admin_l6ma5gus
December 11, 2023
0

For many people, water exercise and gym training enabled by a special swimming card would be a more effective treatment...

BMW boss Zipse defends sticking to the combustion engine

BMW boss Zipse defends sticking to the combustion engine

by admin_l6ma5gus
December 11, 2023
0

“We don’t want to write off the combustion engine.” With this statement, BMW boss Oliver Zipse set the topic for...

Global trade should shrink 5% in 2023 compared to 2022, to US$ 30.7 trillion, Unctad projects

Global trade should shrink 5% in 2023 compared to 2022, to US$ 30.7 trillion, Unctad projects

by admin_l6ma5gus
December 11, 2023
0

Estadão Contenti Estadão Content https://istoedinheiro.com.br/autor/estadao-conteudo/ 11/12/2023 - 9:27 The United Nations Conference on Trade and Development (UNCTAD) projects that global...

Next Post
Salus Tv n.  15 of 6 April 2022

Salus Tv n. 15 of 6 April 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tesla, change at the top: the CFO resigns |  FormulaPassion

Tesla, change at the top: the CFO resigns | FormulaPassion

4 months ago
César Montes signs a principle of agreement with Espanyol

César Montes signs a principle of agreement with Espanyol

12 months ago

Popular News

    • About Us
    • Disclaimer for Pledge Times
    • T & C
    • Contact Us
    Email us: [email protected]
    No Result
    View All Result
    • World
    • Business
    • Science
    • Entertainment
    • Gaming
    • Movie
    • Music
    • Sports
    • Fashion
    • Lifestyle
    • Tech
    • Health