Jan 14 2012 |
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China's Sinopec Hasn't Requested Extra Saudi Oil: Chairman
Saturday, Jan 14, 2012
DHAHRAN, Saudi Arabia (Dow Jones)--China Petrochemical Corp. (SNP), or Sinopec Group, has not requested any additional crude oil supplies from Saudi Arabia, despite pressure from the U.S. to slow or halt crude oil imports from Iran, Sinopec chairman Fu Chengyu said Saturday.
Fu declined to respond to questions about whether Sinopec would reduce its oil purchases from Iran, though he said he didn't think U.S. pressure for tougher sanctions against the Islamic Republic would be damaging to Sinopec.
"I don't think so," Fu told Dow Jones soon after signing an agreement with Saudi Arabian Oil Co., or Saudi Aramco , to build a 400,000 barrel a day joint venture refinery at Yanbu, on the Red Sea coast of Saudi Arabia.
Sinopec's trading unit Unipec imports 220,000 barrels of oil a day from Iran and 550,000-650,000 barrels a day from Saudi Arabia.
Fu's comments concide with a visit by Chinese Premier Wen Jiabao to Saudi Arabia, the first stop in a six-day tour of the Middle East. Wen's visit comes amid an intense debate in Asia over crude oil supplies, prompted by U.S. moves to impose sanctions on Iran, a mainstay of East Asia's energy supply.
Sinopec Group will hold a 37.5% stake in the new Yanbu refinery project, known as Yasref, while Saudi Aramco will own 62.5%. The refinery is due to start operations in 2014.
Fu said that Sinopec will sell its share of the refinery project's output to any country "where we can make money."
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-01-12 1201GMT
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