China’s Unipec, Dongming’s trading arm inks crude supply deal

According to media sources, China’s Unipec has signed a crude supply framework agreement with Shandong Dongming Petrochemical Group’s trading arm which is the largest independent refiner in China, according to the companies’ statements.

Within the agreement, China’s Unipec, the trading arm of China’s second-largest oil and gas group Sinopec, will provide an initial volume of 8 million barrels of crude to independent Chinese refiners in one year.

China is anticipated to be the world’s top crude importer by early 2017, partly influenced by opening its market to independent refiners who can import of their own feedstock supplies.