Oil shipments from Brazil to China's independent refineries rose 81,4% on the month to 1,21 million tonnes in August
Eight companies in China, including trader Taifeng Hairun, imported Brazilian crude oil from the Lula, Iracema and Sapinhoa fields in the same month. Platts' survey covers barrels imported to independent refineries via ports in Shandong and Tianjin provinces, as well as those at the upcoming Hengli Petrochemical mega refinery in Liaoning province and the Zhejiang Petrochemical refinery in Zhejiang province. Among these consumers, 36 were crude oil import quota holders, who received a total quota of 120,83 million tons this year, representing 86,8% of the country's total 2018 import quota allocation.
The Hongrun refinery also received around 60 tonnes of crude oil from Libya in August, the first of its kind in the sector. Libyan crude oil is a light oil with an API of about 37 and sulfur of about 0,67%. Independent refiners shied away from both US and other crude oils and crudes that they load from US ports in August, due to the ongoing trade tension between China and the US. Sinoenergy has offered Canadian oil it loads from Portland in the US for the August arrival but has failed to attract buying interest.
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Following the drop in total imports, raw material inventories at Shandong's main ports dropped to 4,03mt on Aug. 30, down 14% from the end of July, according to data from local supplier JLC. August's total was the lowest in 13 months, and 26% below the late-June record of 5,42mt. The main ports in Shandong that purchase Brazilian crude oil are Qingdao, Dongjiakou, Longkou, Laizhou, Rizhao, Dongying and Yantai.
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