Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

By Chen Aizhu
Friday, November 9, 2018

China's Sinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.

The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province, as well as at the Hongrun refinery in Shandong province and the West Pacific Petrochemical Corp (WEPEC) plant in Dalian, the executive said, declining to be named because he is not authorised to speak to the media. Sinochem, a state-run conglomerate with interests in oil to agriculture, owns stakes in both Hongrun and WEPEC. The company did not immediately respond to a request for a comment on Friday.

The Kuwaiti supplies will go to Quanzhou and Hongrun, the Sinochem executive said, speaking on the sidelines of an industry event in Shanghai. He declined to state the outright volumes.

Sinochem's 2019 contracts, inked earlier this week, were among a clutch of contracts signed by Chinese oil companies during the China International Import Expo in Shanghai, which ends on Saturday.

PetroChina signed annual crude oil supply deals with Aramco and KPC at the Expo on Wednesday, while Sinopec inked a 2019 supply deal with KPC on Thursday.


(Reporting by Aizhu Chen; Additional reporting by Meng Meng in BEIJING; Writing by Tom Daly; Editing by Christian Schmollinger)

Categories: Middle East Asia

Related Stories

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com