Chinese state-owned corporation Sinopec has purchased 30-40 cargoes of Russian ESPO crude for delivery in July-September to offset reduced supplies from the Middle East caused by the war with Iran.
Source: Reuters
Details: The volumes amount to 241,000-320,000 barrels per day, or 5-6% of Sinopec's refining capacity, which stands at 5.2 million barrels per day.
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Russian crude is cheaper than rival grades from Brazil and West Africa. The purchases have helped Sinopec keep refining volumes relatively stable and export surplus fuel at high margins.
