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2017-11-24 09:15:00

SAUDI'S OIL FOR CHINA

SAUDI'S OIL FOR CHINA

BLOOMBERG - Saudi Arabia's status as the biggest oil supplier to China has been usurped by Russia. OPEC's biggest producer is now trying to regain ground in the world's largest crude importer.

State-run Saudi Arabian Oil Co., known as Aramco, is in supply talks with petrochemical conglomerates that are building some of the world's biggest plants in China, said Mushabab Al-Qahtani, vice president of the marketing department at its Asia unit, without identifying the firms. He also sees the country expanding imports of sulfurous sour crude -- the type typically pumped by the Middle East nation.

Firms currently forging facilities include Rongsheng Petrochemical Co., which is building a $24 billion refinery in Zhejiang province, and Hengli Group that's planning a plant in the Liaoning region. As Saudi Arabia led OPEC's output cuts this year to shrink a global glut, it's lost out on market share in the world's biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

"China is one of our oldest and largest customers," Al-Qahtani said at the China International Oil and Gas Trade Congress in Shanghai on Thursday. "In recent years, growth in China has slowed as incremental demand preferred low-sulfur crude and as Aramco is implementing OPEC cuts. However, Aramco still has ambitious plans for China."

The 2.2 million barrels a day of refining capacity China is planning to add by 2022 is designed to run mostly sour crude, and Saudi Arabia is ready to meet that demand, according to Al-Qahtani. "In fact, China will need much more sulfur crude in the future."

About 60 percent of China's oil imports in 2017 were sour crude, of which 23 percent came from Saudi Arabia, he said. Aramco, which is pursuing a partnership with China National Petroleum Corp. to buy a stake in the 260,000 barrel-a-day Anning refinery in Yunnan province, expects to make an investment decision on the project by early next year, Al-Qahtani said in an interview.

The company is also taking steps toward making a final investment decision on building an integrated refining and petrochemical facility with China North Industries Group in Liaoning, he said. Saudi Aramco has been pursuing a strategy of investing in refining to help lock in demand for its crude, and has previously also signed agreements for stakes in Malaysian and Indonesian projects.

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Earlier:

RUSSIAN OIL FOR CHINA
2017, September, 22, 09:00:00

RUSSIAN OIL FOR CHINA

Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia’s position as China’s largest oil supplier in a close race with Saudi Arabia.

 

 U.S. - CHINA OIL RECORD
2017, July, 28, 10:00:00

U.S. - CHINA OIL RECORD

China's import of US crude oil crossed 1 million mt for the first time in June, an eight-fold rise year on year, as elevated Dubai prices prompted both state and independent refiners to use it as an opportunity to diversify supplies, a trend that could add to the headache of OPEC suppliers.

 

 RUSSIA IS THE TOP
2017, July, 24, 13:45:00

RUSSIA IS THE TOP

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday.

 

 CHINA: THE TOP BUYER ANEW
2017, June, 8, 17:45:00

CHINA: THE TOP BUYER ANEW

China imported 37.2 million tonnes or 8.76 million barrels per day of crude oil last month, up 15 percent from a year earlier and nearly 8 percent from April, data from the General Administration of Customs showed.

 

 CHINA: THE LARGEST IMPORTER
2017, April, 6, 18:50:00

CHINA: THE LARGEST IMPORTER

China, the world’s largest crude oil net importer, increased the share of its crude oil imports from countries outside the Organization of the Petroleum Exporting Countries (OPEC) in 2016. Of the country’s 7.6 million barrels per day (b/d) of 2016 crude oil imports, 57% came from OPEC countries, led by Saudi Arabia (13% of total imports), Angola (11%), Iraq (10%), and Iran (8%).

 

 SAUDI'S SALES TO CHINA
2017, March, 16, 18:50:00

SAUDI'S SALES TO CHINA

Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russia last year, by working mostly with China's top three state oil firms.

 

 SAUDI LOSES MARKET
2016, March, 31, 19:30:00

SAUDIS LOSES MARKET

The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.

 

 

Tags: SAUDIS, RUSSIA, CHINA, OIL

Chronicle:

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SAUDI'S OIL FOR CHINA
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

SAUDI'S OIL FOR CHINA
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

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SAUDI'S OIL FOR CHINA
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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