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05-05-2022, 12:56 PM
China’s independent refiners start buying Russian oil @steep discounts purchase, as Chinese state-owned commodity shy away to avoid sanctions.
Shandong-based independent refinery said it had not publicly reported deals with Russian oil suppliers since the Ukraine war started in order to avoid attracting scrutiny and being hit by US sanctions.
Official added that refinery had taken over some of the purchase quota for Russian crude from state-owned commodity trading firms, which are seen to represent Beijing and have mostly declined to sign new supply contracts.
Many western companies are self-sanctioning or struggling to secure insurance, shipping or financing needed to buy Russia’s commodity exports, raising expectations that energy-hungry China will step in.
Shandong-based independent refinery said it had not publicly reported deals with Russian oil suppliers since the Ukraine war started in order to avoid attracting scrutiny and being hit by US sanctions.
Official added that refinery had taken over some of the purchase quota for Russian crude from state-owned commodity trading firms, which are seen to represent Beijing and have mostly declined to sign new supply contracts.
Many western companies are self-sanctioning or struggling to secure insurance, shipping or financing needed to buy Russia’s commodity exports, raising expectations that energy-hungry China will step in.
