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.