W.Bulach
According to Bloomberg sources, top executives from major oil companies were told to stop exporting during a meeting with officials from China's National Development and Reform Commission.
Companies such as state-owned PetroChina, Sinopec, CNOOC, Sinochem Group, and the privately owned Zhejiang Petrochemical have been instructed to stop signing new contracts and to cancel any existing shipments that are already in progress. Exceptions are allowed only for fuel intended for ships and aircraft, as well as for deliveries to Hong Kong and Macau.
According to Bloomberg, China has been working to spread out its sources of hydrocarbons in recent years, but so far it has still depended on the Persian Gulf for about half of its oil requirements.
source: bloomberg.com
Companies such as state-owned PetroChina, Sinopec, CNOOC, Sinochem Group, and the privately owned Zhejiang Petrochemical have been instructed to stop signing new contracts and to cancel any existing shipments that are already in progress. Exceptions are allowed only for fuel intended for ships and aircraft, as well as for deliveries to Hong Kong and Macau.
According to Bloomberg, China has been working to spread out its sources of hydrocarbons in recent years, but so far it has still depended on the Persian Gulf for about half of its oil requirements.
source: bloomberg.com
