Sinopec plans to load 24 million barrels of Saudi crude from Yanbu in March as suppliers shift flows away from the Strait of Hormuz.
China's refining giant Sinopec will load about 24 million barrels of Saudi crude oil from Yanbu port in March as suppliers redirect flows away from the Strait of Hormuz, reports Reuters.
Unipec, Sinopec's trading arm, has chartered 12 Very Large Crude Carriers to lift cargoes from the Red Sea port, with the first loading scheduled for March 10-12, according to shipping data.
Exports from Yanbu averaged 2.6 million barrels per day in March, which is double the levels seen in February and January, as Saudi Arabia accelerated pipeline flows to bypass the Strait of Hormuz.
Sinopec, along with other Asian refiners, faces significant supply disruptions after the Iran war effectively closed the Strait of Hormuz, through which nearly half of China's crude imports typically pass.
The company has begun cutting output as the closure forces refiners to adjust their supply chains and seek alternative routes for crude shipments.
