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|09 November, 2018

China's Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait

China's Sinochem Group has agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp

The Liberian-flagged tanker Yuri Senkevich sails near Bluewater's floating production, storage and offloading (FPSO) vessel Munin, which floats on the Lufeng oil field in the South China Sea, in 333 meters of water, May 23, 2006.

The Liberian-flagged tanker Yuri Senkevich sails near Bluewater's floating production, storage and offloading (FPSO) vessel Munin, which floats on the Lufeng oil field in the South China Sea, in 333 meters of water, May 23, 2006.

REUTERS/Bobby Yip

SHANGHAI- China's Sinochem Group has agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp, with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.

The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province, as well as at the Hongrun refinery in Shandong province and the West Pacific Petrochemical Corp (WEPEC) plant in Dalian, the executive said, declining to be named because he is not authorised to speak to the media.

Sinochem owns stakes in both Hongrun and WEPEC.

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(Reporting by Aizhu Chen; writing by Tom Daly in BEIJING; Editing by Christian Schmollinger) ((tom.daly@thomsonreuters.com; +86 10 6627 1023;))