China’s Shenghong resumes crude buying ahead of refinery commissioning

China’s private refining complex Shenghong Petrochemical has resumed crude oil purchases ahead of the commissioning of its new refinery, sources with knowledge of the matter told S&P Global Commodity Insights on May 11. The 16 million mt/year refinery has purchased 2 million barrels of Upper Zakum crude for July loading from Vitol at high $4/b against the Platts Dubai, trade…