Top China Oil Trader Is Looking to Back Out of Some Crude Deals
- Unipec looking to lift less than originally planned in April
- Cites freight, low profit; contractual basis for move unclear
Photographer: Yu Fangping/Barcroft Media via Getty Images
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China’s top oil trader is trying to get out of loading some cargoes from the Middle East next month in the latest twist to the drama engulfing global crude markets.
Unipec, the trading arm of state-owned Sinopec, is looking to avoid taking delivery of at least four supertankers of crude for April loading, according to people with knowledge of the company’s plans. Each very-large crude carrier has the capacity for two million barrels of oil. It may try to get out of as many as eight VLCCs worth of oil, according to one of the people.