State-owned enterprises do not want to be identified as buyers of Russian oil.
Chinese state-owned refineries are maintaining existing contacts over oil supplies from Russia, but are refraining from concluding new agreements due to US and EU sanctions against Russian oil exporters. This was reported by Reuters.
“State-owned enterprises are cautious because their actions can be seen as coming from the Chinese government, in addition, they do not want to identified as a buyer of Russian oil, “the statement said.
It is noted that the largest Chinese oil companies CNOOC, PetroChina and Sinochem have abandoned new purchases of Russian oil, which were planned before shipment in May.
According to sources. “One of China's refineries has been instructed by Unipec's Sinopec division to find a replacement for the Russian product.” .
In addition, it is noted that the Chinese, despite the discount on Russian oil, have questions about its payment and insurance of shipments.
There also noted that in recent weeks in Unipec has regularly considered the risks of buying Russian oil.
sources.
In particular, the Chinese company Sinopec has faced payment problems even under previous agreements, as risk-free state-owned banks are seeking to reduce funding for Russian oil-related deals.
China also refused to condemn Russia's war in Ukraine or call Russia's actions an invasion.
Recall, in March, Washington banned imports of Russian oil and other energy from Russia. In addition, the European Union has imposed sanctions on Russia's leading exporters, Rosneft and Gazprom Neft.
