Exclusive: China's Unipec to resume U.S. oil purchases after tariff policy change - sources

Image
Reuters SINGAPORE/BEIJING
Last Updated : Aug 24 2018 | 10:55 AM IST

By Florence Tan and Meng Meng

SINGAPORE/BEIJING (Reuters) - China's Unipec will resume purchases of U.S. crude oil in October after a two-month halt due to the trade dispute between the world's two largest economies, three sources with knowledge of the matter said.

The decision to start buying crude oil again from the United States comes after Beijing earlier in August excluded it from its import tariff list.

A source with knowledge of the matter said Unipec will "buy some U.S. crude, loading in October, following the change in Beijing's policy."

"Unipec's imports shrunk when China retaliated by putting crude oil on the tariff list but now it is coming back to normal business with import volumes recovering," a second source said.

The sources spoke on condition of anonymity as they were not authorized to discuss commercial deals with media.

Unipec did not respond to a request for comment.

(Reporting by Florence Tan in SINGAPORE and Meng Meng in BEIJING; Additional reporting by Chen Aizhu; Editing by Henning Gloystein and Tom Hogue)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 24 2018 | 10:43 AM IST

Next Story