China's Zhejiang Rongsheng buys first Oman oil ahead of refinery start-up
SINGAPORE/BEIJING, (Reuters) - Rongsheng International Trading Co, the trading arm of Chinese conglomerate Zhejiang Rongsheng Holding Group, has purchased at least two 500,000-barrel cargoes of Oman crude oil to prepare for the start-up of the group’s new refinery, several trade sources said.
Unipec sold the first cargo for August delivery, and Oman Trading International sold another cargo that will arrive in October, the sources said.
Rongsheng International may have bought a third cargo from the Dubai Mercantile Exchange also for October delivery, one of the sources said. The oil is being held in bonded storage in Zhoushan that Rongsheng has leased from Sinopec and Sinochem, the sources said
Rongsheng executives declined to comment.
Zhejiang Petrochemical, 51 percent owned by textile giant Rongsheng Holding Group, was in August awarded a quota to import 5 million tonnes of crude oil this year and the company plans to start up its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018.
(Reporting by Florence Tan in SINGAPORE and Chen Aizhu in BEIJING; Editing by Tom Hogue)
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