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After an initial period of caution, China’s independent refiners are becoming increasingly confident in snapping up attractively-priced Russian crude amid growing clarity that the conflict in Ukraine will not create major disruptions to shipment flows or financial transactions, unless sanctions are imposed. With Shandong’s pandemic-related restrictions easing and signs of improving refining margins, independent refiners .
The appetite for Russian crude among China’s independent refiners fell to a nine-month low in February due to lower runs amid festive holidays and the Winter Olympics, while shipping risks and price volatility arising from Russia’s invasion of Ukraine may drive down inflows further in March. Russian crude imports by the independent refiners fell 43% .
Premiums of Far East Russian ESPO Blend crude oil surged in January, beating traders’ estimates, aided by robust buying interest and tight supplies, sources told S&P Global Platts Jan. 27. March-loading barrels of ESPO Blend crude were heard to have been sold via several tenders at premiums of around $4.65/b-$5.10/b to Platts front-month Dubai crude .
Feedstock imports for China’s independent refineries rose by 1.8% month on month to 3.71 million b/d, or 15.7 million mt in May, as the refiners stockpiled bitumen blend ahead of the introduction of a new consumption tax on the fuel, data collected by S&P Global Platts showed on June 4. Bitumen blend imports jumped 15.2% .