China’s independent refiners are taking advantage of cheaper Middle Eastern oil after flows accelerated through the Strait of Hormuz, snapping up barrels from producers including Saudi Arabia and Iraq.
Rongsheng Petrochemical Co. has bought Saudi crude on a spot basis for arrival in July, while Shandong Chambroad Petrochemicals Co. purchased Iraq’s Basrah grade for August, according to traders with knowledge of the matter. Another processor, Shenghong Petrochemical Group Co., acquired Upper Zakum from the United Arab Emirates, they said.
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