Unipec resells U.S. oil to India, South Korea after China tariffs -sources [Reuters]
China Petroleum & Chemical Corporation (SNP)
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Source: Reuters
Unipec resells U.S. oil to India, South Korea after China tariffs -sources - Reuters 3 Min Read SINGAPORE/NEW DELHI (Reuters) - China’s Unipec is reselling some of the crude oil it imports from the United States to buyers in India and South Korea to avoid tariffs Beijing imposed in its trade war with the U.S., three sources with knowledge of the matter said on Thursday. Unipec, the trading arm of Asia’s top refiner China Petroleum & Chemical Corp, or Sinopec ( 600028.SS ), is China’s main buyer of U.S. crude, but its imports have been disrupted after Beijing placed a 5% tariff on U.S. crude imports from Sept. 1. The sales to South Korea and India are an “unusual move” for Unipec and directly triggered by the tariffs, the sources said. More Asian refiners are buying U.S. crude because of tighter supply caused by U.S. sanctions on Iran and Venezuela. Sinopec declined to comment. To mitigate losses from the tariffs, the company has also sought waivers from Beijing for its U.S. crude oi
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