the Chinese company are discussing the final details of creating groups for cooperative, centralized purchasing of oil on the international market.
Among participants of the new megagrupp — Chinese oil refinery of the state-owned China Petroleum & Chemical Corp. (Sinopec), Sinochem, PetroChina and China National Offshore Oil Corporation (CNOOC). It will be the largest buyer of oil in the world, says Bloomberg. The new Alliance expects new partners from the private Chinese oil companies, small oil refinery.
the Chinese Authorities and market regulators of the country has already approved the creation of the world’s largest buyer of oil, 5 million barrels of oil per day, or almost half of the oil imports of the country. This is the volume to buy a total of all Chinese companies a new group that you create. The new organization will help them to avoid price losses, to insist on their own terms, and get discounts for large purchases.
the Partners plan together to apply for the purchase of Russian and African oil. In July it is expected the first application for the purchase of Siberian of ESPO oil pipeline “Eastern Siberia — Pacific ocean” (ESPO).
China first affected by the pandemic, but also the first in the world began to recover. In April Russia became the largest supplier of oil to China, second largest economy after the United States. And in may, the country has accelerated growth of demand for fuel in may, China set a new record for oil imports — of 11.34 million barrels per day, or 47 and 97 million tons. The country sought to buy and to create reserves of cheap oil, but the price quickly grew in 2 times after the fall on March 6, 2020. It was therefore decided to create a oil megal Chinese consumers of fuel.
China ranked third in the world in oil consumption (14 million barrels per day) after the USA (20 million b/d) and Europe (15 million bps). But China remains the largest buyer of Russian oil and gas, and one of the largest importers of fuel in the world. According to the orders oil supply from Russia to China in June compared with may to grow by 27% to 3.87 million tonnes, compared to June 2019 — 1 million tons.
In 2003, the largest Chinese copper company for the first time created such an Alliance — China Smelters Purchase Team (CSPT) — for a single price policy in the procurement of copper concentrate abroad. CSPT has over ten Chinese companies jointly purchasing 80% of the whole foreign copper concentrate to China.