According to sources, trading arms of Sinopec and PetroChina have approached Russian suppliers to buy fuel for the first time since November, aiming to avoid potential shortages, News.Az reports, citing Reuters.
Russian and Chinese sides are expected to finalize supply agreements in the near future, with Russian crude remaining more affordable compared to alternatives from Brazil and West Africa.
Major Chinese firms are currently assessing payment mechanisms and delivery logistics, particularly in light of a 30-day license issued by the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
On March 12, the United States authorized new transactions involving Russian oil already loaded onto tankers, as global supply concerns intensified following disruptions in the Middle East and the closure of the Strait of Hormuz.
Under the license, up to 19 million barrels of oil and more than 300,000 tons of petroleum products can be sold through April 11.
