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在线翻译:
szdaily -> Business
Unipec seeks closer ties with teapot refiners
    2017-July-27  08:53    Shenzhen Daily

STATE oil trader Unipec will develop “really strong” ties with China’s independent refiners, said a company executive, even as they present a growing challenge to its parent and Asia’s top refiner, Sinopec Corp.

China issued crude oil import quotas to privately run refiners, often called “teapots,” for the first time in 2015, ending decades of exclusive access to overseas oil for State-run oil majors and further stimulating the nation’s voracious demand for crude imports.

With about 2 million barrels per day (bpd) in crude import quotas this year, the growing role of the teapots has forced state refiners to scale back some refinery operations after helping to lift China’s fuel exports to record highs last year.

Still, Unipec president Chen Bo said the State trader was building a relationship with the independent refiners, which he dubbed “China New Force Refineries.”

“I think in the future we will have a really strong relationship,” he said Tuesday on the sidelines of a forum organized by Unipec and the China Chamber of Commerce for Petroleum Industry.

The meeting is the first time Unipec has publicly sought a dialogue with the teapots, so-called for the small capacities of their plants compared with the big State-run refineries.

Chen said Unipec was open-minded about cooperation with the smaller refiners and would “provide any advantages we have,” such as leveraging its purchasing scale and flexible logistics.

Last year, Unipec signed a crude supply framework agreement with the trading arm of Shandong Dongming Petrochemical Group, China’s biggest independent refiner, aiming to supply an initial volume of eight million barrels of crude in one year.

Unipec said it began supplying crude oil to Dongming under that agreement in October of last year.

Dongming Director Zhang Liucheng on Tuesday said Sinopec had opened up to collaboration with the teapots, following the lead of rivals PetroChina and CNOOC.

“On the crude oil market, originally they didn’t sell to us — PetroChina and CNOOC did. But now it’s a trend for everybody to collaborate,” Zhang said.

Independent refiners made up nearly 90 percent of China’s crude oil import growth last year, helping to put the world’s second-biggest economy on course to challenge the United States as the top importer this year. (SD-Agencies)

 

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