Chinese state refiners cut oil imports from Russia

EghtesadOnline:  Some state-controlled Chinese refiners have reduced purchases of Russian oil loadings for March as they assess the risks of dealing with sanctioned entities and wait for more clarity about a possible Russia- Ukraine ceasefire and potential US sanctions relief on Russia’s oil trade, according to Oil Price. 

State-owned refining giant China Petroleum and Chemical Corporation, or Sinopec, as well as Zhenhua Oil, have suspended purchases of Russian crude oil loading this month, amid concerns over secondary sanctions, trade sources with knowledge of the plans told Reuters on Friday.

Oil giants PetroChina and CNOOC continue to buy Russian oil for March loadings, but at reduced rates, according to some of the Reuters sources.

While state oil firms in China either halt or reduce Russian oil volumes, at least for now, the independent refiners in China, which prefer to buy cheaper Russian and Iranian oil, are picking up the slack.

Chinese oil majors have adopted a more cautious approach toward Russian grades following the US sanctions, the report added. / Mehr