BP Offloads Last Two Stranded Oil Cargoes in China
Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker Olympic Light to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday.The oil had…
PetroChina Unloads First US SPR Cargo
PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources. The move comes as China, the world's No.2 oil consumer, steps up imports from the Americas to diversify supply sources.
China Crude Cargoes Stranded on VLCCs
About 4 million barrels of crude oil bought by a Chinese state trader for the country's strategic reserves have been stranded in two tankers off an eastern port for nearly two months due to a lack of storage. The delays will cost millions of dollars and indicate…
CITIC Starts Court Proceedings Against Qingdao Port Operator
China's CITIC Resources Holdings Ltd has begun court proceedings against the operator of a bonded warehouse at Quindao port as legal action ramps up following an investigation into metals financing fraud at the world's seventh busiest port. CITIC Resources said last month it had been unable to secure around 120…
