Chinese Rong Sheng buys crude from the Middle East and America by Reuters

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© Reuters. Sources: Chinese Rong Sheng buys raw materials from the Middle East and America

SINGAPORE (Reuters) – Chinese Rong Sheng bought about 3 million barrels in June of Middle East crude and about 1 million barrels of US Alaska North Slope through an immediate bid awarded on Friday, commercial sources told Reuters on Tuesday.

The company bought Murban UAE crude, and the quantity is likely to be one million barrels, and the price was at an immediate discount of about $ 9.5 from the prices offered for Dubai crude in addition to the purchase of Umm Lulu Emirati crude as well, and the quantity is likely to be about 500 thousand barrels, and the price was determined with an immediate discount exceeding $ 9 a barrel for Dubai crude price.

The Chinese company also bought the UAE’s Upper Zakum Crude, and the quantity is believed to be 500,000 barrels, and sets the price at an immediate discount compared to the official selling price.

The company also purchased Qatar Al Shaheen crude, and the quantity is likely to be 1.5 million barrels, at an immediate discount of more than ten dollars per barrel to the prices offered for Dubai crude, a level similar to the last recorded in a bid conducted earlier by Qatar Petroleum.

The company also bought Alaska North Slope crude, probably 980,000 barrels, with an immediate discount of more than eight dollars a barrel to the Intercontinental Exchange on a delivery basis, and the crude is likely to arrive in July.

The sources said that the vendors are Total (PA :), Exxon Mobil and BP. PI and ConocoPhillips (AS :).

(Prepared by Hala Kandil for the Arab Bulletin – Edited by Moataz Mohamed).

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