Chinese independent refiner Hongrun buys Canadian, Brazilian crude
Chinese independent refiner Hongrun Petrochemical has bought crude from Canada and Brazil for its Changyi refinery that recently secured an import quota. Hongrun bought 550,000 barrels of Canada's Access Western Blend (AWB) for November arrival, two of the sources said.
It also bought a total of 3 million barrels of Brazilian crude Tupi at a premium of around $2.90 per barrel to the dated ICE Brent contract for late October to early November arrival, the sources said.
The sellers of the Brazilian cargoes were Shell and PetroChina, they added.
Changyi Petrochemical, sold by state-owned Sinochem Group to Hongrun earlier this year, has received a 2.5 million metric tons - or 18 million barrels - import quota to be used for the remainder of this year
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