Trading companies Vitol and Unipec are sending around 700,000 tonnes of contamin...
SINGAPORE/MOSCOW - Trading companies Vitol and Unipec are sending around 700,000 tonnes of contaminated Russian oil to Asia in an attempt to place the barrels rejected by buyers in Europe, according to trading sources and ship tracking data.
Vitol and Unipec are mainly targeting Chinese independent refiners, or teapots, which have shown interest in taking the oil, traders said. “The final price is to be set. More quality tests are needed. Then it is possible to figure out the price, the way it can be refined and if it can be refined at all,” a trader with a Chinese major told Reuters.“I was shown barrels with 200 ppm and I said: “No, thanks,” a Singapore-based trader said.
“Nobody knows where these barrels should trade. It’s a discount to ICE Brent for cargoes landing in China for sure but how much of a discount, nobody knows,” a second trader said. Volumes that are currently heading to Asia represent around half of 1.5 million tonnes, or 11 million barrels, of contaminated Urals that had been exported from the Baltic port of Ust Luga in recent weeks.
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