22  July  2018

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 Infopetro -> Industry in Focus


PetroChina Unloading First Chinese Purchase Of Oil From U.S. Strategic Reserves

  07/26/2017

PetroChina is this week unloading the first Chinese

purchase of crude oil from U.S. strategic petroleum

reserves at a port in eastern China, according to

shipping data and two industry sources.

The move comes as China, the world's No.2 oil consumer,

steps up imports from the Americas to diversify supply

sources.

PetroChina unit, PetroChina International America Inc,

bought the 550,000-barrel cargo of Bryan Mound sour crude

in a sale from U.S. strategic petroleum reserves in March

for $28.8 million.

Supertanker Cosrising Lake, chartered by PetroChina, is

unloading the U.S. oil at Qingdao port in Shandong

province this week, shipping data on Thomson Reuters

Eikon showed.

The crude has an API gravity of 33.3 degrees and sulphur

content of 1.41 percent, according to the U.S. Department

of Energy's website, similar in quality to Middle East

grades such as Oman crude.

After discharging that cargo, the ship will unload close

to 1 million barrels of U.S. Mars crude at Rizhao port

for independent refiner Shandong Wonfull Petrochemical,

an industry source said, citing Chinese port data. He

declined to be identified as he was not authorised to

speak with media.

The Mars cargo is not from U.S strategic reserves.

PetroChina declined to comment, while Wonfull could not

be reached for comment.

More Asian refiners are turning to the Americas for oil

after OPEC cuts tightened heavy crude supplies and as

governments respond to a call from United States

President Donald Trump to buy U.S. oil and gas.

State-owned PetroChina is one of the key players moving

Americas crude to Asia. It recently sold India that

country's first U.S. crude import via an Indian Oil Corp

tender.



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