China's Yanchang buys November-delivery Murban crude, sources say

Yanchang Petroleum International

08/10/2025 10:57

SINGAPORE, Oct 8 (Reuters) - China's state-controlled Shaanxi Yanchang Petroleum Group has purchased one million barrels of Abu Dhabi's Murban crude for November delivery, three trade sources said on Wednesday.

The refiner bought the cargo for late-November arrival from Unipec, the trading arm of Chinese state major Sinopec 600028.SS, at a premium of about $2 to November Dubai quotes, two of the sources said.

The purchase comes amid slowing imports by the world's largest crude oil importer, as refiners have largely exhausted their allotted crude import quotas for the year.

Beijing enforces a strict quota system for crude imports by independent refiners. Similar permits in the previous two years were released around November.

Yanchang, backed by the Shaanxi provincial government, is also subject to the quota scheme.

The refiner has a refining capacity of 17.4 million metric tons per year or 348,000 barrels per day.

 (Reporting by Siyi Liu in Singapore; Editing by Louise Heavens)

 ((siyi.liu@thomsonreuters.com;))