China's Rongsheng buys 4 mln bbls Mideast crude for Feb delivery - sources

China Huarong Energy Co

19/11/2020 03:13

SINGAPORE, Nov 19 (Reuters) - 
    * Rongsheng Petrochemical, the trading arm of Chinese
private
refiner Zhejiang Petrochemical, has bought 4 million barrels of
crude for February, trade sources said on Thursday.
    * The volume was much lower than what it took last month,
they
said, adding that Middle East crude markets weakened following
the news of the purchase.
    * Rongsheng bought 2 million barrels of Murban crude at
about 30
cents a barrel above its official selling price (OSP) and the
same volume of Basra Light crude at a premium of 90 cents to $1
a barrel to its OSP on free-on-board basis, the sources said.
    * Murban crude has likely been sold by PetroChina, they
added.
    * The cargoes are either loading in January or will be
delivered
in February.
    * Rongsheng said it does not comment on its crude purchases.


 (Reporting by Florence Tan, Editing by Sherry Jacob-Phillips)
 ((Florence.Tan@thomsonreuters.com; Reuters Messaging:
florence.tan.thomsonreuters.com@reuters.net))