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Aramco Trading Sells Khafji Crude Off Fujairah to Chinese Refiners

Aramco Trading sold approximately seven million barrels of Khafji crude oil to refiners in China and South Korea. Chinese firms PetroChina, Shenghong Petrochemical, and Dongming Petrochemical purchased two million barrels each for delivery via ship-to-ship transfer off Fujairah, UAE.

Published Source: Maaal
Illustration: Crude oil tankers conducting offshore ship-to-ship oil transfer operations on calm open waters off the coast of Fujairah during daytime,
Illustration

Aramco Trading has sold approximately seven million barrels of Khafji crude oil to refiners in China and South Korea following a tender that closed on Wednesday, according to traders cited by Maaal.

Chinese refiners PetroChina, Shenghong Petrochemical, and Dongming Petrochemical each purchased two million barrels of the crude. In addition, an unnamed South Korean refiner bought one million barrels scheduled for February delivery.

The cargoes were offered by Aramco Trading's Singapore unit for delivery via ship-to-ship transfers off the coast of Fujairah in the United Arab Emirates for December and January. Traders stated that the cargoes sold via ship-to-ship transfer were priced at a discount of about $5 per barrel relative to the Dubai benchmark.

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