PetroChina plugs Singapore refinery gap with China crude
PetroChina shipped 1.8 million barrels of crude from storage in China to its Singapore refinery. The rare move addresses supply gaps caused by the ongoing Iran war.
In a rare maneuver, PETROCHINA CO LTD-H has delivered approximately 2 million barrels of crude oil from its storage facilities in China to its joint-venture refinery in Singapore. This strategic shipment is intended to compensate for supply shortages caused by the ongoing conflict involving Iran, according to tanker tracking data and industry sources.
The tanker New Merit reportedly loaded 1.8 million barrels of Murban crude, originally from the United Arab Emirates, at the port of Dalian in mid-March. The cargo reached Jurong Island in late March, where the Singapore Refining Co (SRC) operates. SRC is a 50-50 joint venture between the Chinese energy giant and the United States multinational CHEVRON CORP.
