Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK

PetroChina’s biggest refinery doubles Russian pipeline oil intake

Latest news

    Since the new Russia-China oil supply agreement took effect at the start of the year, PetroChina’s largest refinery has almost doubled the amount of Russian pipeline crude oil that it is processing.

    Read more

    Russia cements position as China’s largest oil supplier

    A senior industry source with direct knowledge of the volumes told Reuters, the 410,000-bpd PetroChina refinery in the northeast port city Dalian will process 260,000 bpd of Russian pipeline crude oil in 2018, up by 85-90 percent compared to 2017. 

    The higher volumes of Russian pipeline crude will replace seaborne Russian shipments of the ESPO blend from the Kozmino port in the Russian Far East and crude oil shipments from the Middle East, said the source.

    “The plant will be processing pipeline crude only this year,” the source noted, and added that the PetroChina-run Daqing oil field also ships pipeline crude to the Dalian refinery.

    An extension of the East Siberia-Pacific Ocean oil pipeline between Russia and China started operating on January 1, doubling the export volumes from 15 to 30 million tons annually, or almost 220 million barrels. Russia’s oil giant Rosneft is the supplier of the crude via the ESPO pipeline, and PetroChina is the buyer.

    The pipeline crude will also increase Russia’s market share in China. Last year Russia displaced Saudi Arabia as the top crude oil supplier to the world’s biggest importer, while Saudi shipments have taken a hit as the Kingdom cuts oil supply as leader of the OPEC pact to restrict production.   

    China said at the end of December that Russia held onto its number 1 spot as the biggest crude oil supplier for a ninth month running, with Saudi Arabia second.

    China’s crude oil imports from Russia rose by 11 percent on the year in November, to 1.26 million bpd, while second-placed Saudi Arabia saw its crude oil sales down 7.8 percent annually to 1.056 million bpd.

    Russia was also the biggest oil supplier to China between January and November, with sales rising 15.5 percent on the year to 1.2 million bpd, and overtaking Saudi Arabia by 159,000 bpd.

    View the original article: https://www.rt.com/business/415851-petrochinas-refinery-doubles-russian-intake/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    This article was originally published on Oilprice.com

    In the same category are

    ‘It was hell on Earth’: Hillsborough campaigner recalls tragedy that claimed her brother’s life Hillsborough disaster campaigner Louise Brookes recalls the tragedy that claimed the life of her brother and 95 other football fans on April 15, 1989....
    French tourist site Mont-Saint-Michel evacuated after man ‘threatens to kill cops’ Mont-Saint-Michel, a major tourist site in Normandy, France, was evacuated on Sunday following reports of a man threatening to “kill cops”. Mayor Yann...
    Germany shouldn’t buy the F-35, Europe needs military independence – Airbus Defense CEO The CEO of Airbus Defense urged Europe to keep its military independence and warned Germany not to procure F-35s from the US, arguing it would kill th...
    Cosmic fender-bender: NASA’s asteroid-hunting probe develops mysterious dent (PHOTO) A conspicuous and worrying black dent in the heat shield of NASA's asteroid-bound probe has been spotted in an image the space agency shared of its OS...
    Qatari fighter jets endanger Emirati passenger plane – UAE officials UAE aviation officials have accused Qatari military jets of endangering a civilian passenger plane with 86 on board, according to Emirates news agency...
    India to strip fugitive ‘economic offenders’ of assets Indian lawmakers have approved the Finance Ministry’s proposal to punish offenders involved in economic crime and fraud of over $15mn, by stripping th...

    Leave a comment

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