Major Chinese Refiner Shifts Away From Russian Oil in Response to US Sanctions

Yanchang Petroleum, one of China’s largest oil refiners, is diversifying its crude oil sources, seeking non-Russian oil for deliveries from December to February, according to Reuters, citing their trade sources on November 11.

Previously a regular buyer of Russian oil, primarily from the Far East export grade ESPO blend or Sokol, Yanchang is now avoiding Russian crude amid concerns over falling afoul of Western sanctions.

This shift comes as China’s state oil companies, along with some Indian refiners, increasingly distance themselves from Russian oil following the imposition of US sanctions on Russian shipments. These concerns have been heightened by the possibility of secondary sanctions, according to Reuters.

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In a separate development, Sinopec’s subsidiary Luoyang Petrochemical has shut down its two crude distillation units for maintenance until late November. The shutdown follows US sanctions on a terminal in eastern China used by Sinopec, which processes a significant portion of its crude imports.

Yanchang Petroleum, one of China’s largest inland refiners, typically processes 348,000 barrels per day and has an annual import quota of 26 million barrels.

Previously, it was reported that India has sharply reduced purchases of Russian crude set for delivery in December, signaling that US sanctions and trade pressure are reshaping one of Moscow’s last major export markets.

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