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