• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
Brent Could Climb to $95 as Bullish Sentiment Builds

Brent Could Climb to $95 as Bullish Sentiment Builds

In an increasingly bullish oil…

U.S. Drilling Activity Continues to Drop Off

U.S. Drilling Activity Continues to Drop Off

The total number of active…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

China’s Biggest Refiner Has No Plans To Scoop Up Cheap Russian Oil

  • PetroChina will not buy up heavily discounted Russian oil and gas.
  • The state-owned company said it was conducting business with Russia in accordance with “pre-signed contracts”.
  • Petrochina acknowledged that sanctions have impacted oil and gas deals.
Tanker

State-owned PetroChina will not buy up heavily discounted Russian oil and gas, China’s biggest oil and gas refiner said Friday. 

Chief Financial Officer Chai Shouping told an online earnings conference with analysts that PetroChina did not currently have any “plans or arrangements” to acquire cheap oil and gas from Russia, Nikkei Asia reported.

The state-owned company said it was conducting business with Russia in accordance with “pre-signed contracts”, and, unlike India, it was not looking to take advantage of Russian crude that has been heavily discounted since the country’s invasion of Ukraine.  

PetroChina has, however, acknowledged that Western sanctions against Russia have impacted oil and gas deals. 

"Previously, our oil and gas transactions with Russia were settled in U.S. dollars or euro, but due to sanctions and some other factors, the settlement was impacted to a certain extent,” Nikkei Asia cited Chai as saying.

The idea of the “petroyuan” has gained more traction as an alternative to oil sales in dollars since Russia’s invasion of Ukraine, and Chai noted that Beijing would “continue supporting further expansion of payments in national currencies”, also hinting at the potential to use rubles.

The first shipments of Russian coal paid for in yuan was scheduled to arrive in China in late April, while the first shipment of Russian crude paid for in yuan was set to dock in May. 

Citing unnamed Chinese officials, The Guardian reported earlier this week that Beijing had ordered a “stress test” study of the implications of potential Western sanctions on its own economy, which is being interpreted by some as China’s attempt to study what the costs would be were it to materially support Russia in its war on Ukraine. 

Two months ago, U.S. officials warned Beijing about providing material support for Russia, but earlier this week, Reuters cited senior U.S. officials as saying there were no indications that the Chinese were offering any military or economic support at this time. 

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News