Rongsheng Petrochemical buys 4.4 million barrels of Oman and Canadian crude oil for October delivery via tender, marking a significant purchase from the Trans-Mountain pipeline.
Bollywood Fever: Chinese refiner Rongsheng Petrochemical has secured 4.4 million barrels of crude oil, comprising Oman and Canadian crude, for delivery in October through a tender, according to trade sources on Wednesday. This acquisition includes 2 million barrels of Oman crude and four 550,000-barrel cargoes of Canadian Access Western Blend (AWB) crude.
The AWB crude cargoes were sold by CNOOC, BP, Totsa (the trading arm of TotalEnergies), and PetroChina at discounts of approximately $6 per barrel to ICE Brent, consistent with the previous month’s pricing, traders noted.
This transaction represents CNOOC’s inaugural sale of Trans-Mountain pipeline (TMX) crude in Asia. The Chinese state energy giant holds oil sands and shale gas assets in Canada, making this sale a significant milestone.
In a related move, Rongsheng had previously purchased four AWB crude cargoes for September delivery. This ongoing procurement highlights Rongsheng’s strategic efforts to secure diverse crude supplies.
The Trans-Mountain pipeline, recently expanded, facilitates increased crude oil exports from Canada, enhancing supply chain options for refineries like Rongsheng Petrochemical.
This acquisition underscores the dynamic nature of global crude oil trade and the strategic maneuvers of major refining and energy companies in securing vital resources.
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