World China creates the world's largest oil buyer - Rambler...

China creates the world’s largest oil buyer – Rambler / Finance

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Chinese oil companies are discussing the possibility of creating an alliance for joint oil purchases, reports RIA Novosti with reference to Bloomberg.

According to sources, four state-owned oil refineries may enter the alliance: China Petroleum & Chemical, PetroChina, CNOOC and Sinochem Group. The initiative has already received preliminary support from the PRC government and regulatory bodies.

Together, Chinese companies plan to jointly declare the price of certain grades of oil, to gain a wider impact on the volumes and prices of purchased fuel.

Sources say that members of the association can already jointly file an application for the supply of Russian ESPO (ESPO) brand oil next month.

China was the first country affected by the coronavirus pandemic. Currently, the consumption of transport and industrial fuels has almost returned to the pre-crisis level, and oil refineries expect to take advantage of low prices and increase storage volumes.

According to Rambler, earlier the International Monetary Fund (IMF) recognized China as the only economy to maintain growth against the backdrop of the coronavirus pandemic. According to the results of 2020, China’s GDP is expected to grow by 1%.

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