Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco, is shutting a 200,000-barrel-per-day unit, reports Reuters. The refinery is bringing forward maintenance in response to the Middle East conflict’s impact on crude supply, it said on Tuesday. Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical, or FREP, shut its 80,000 bpd […]
Category: Commodities
Refiners in China, the world’s top oil importer, have enough supply on hand to weather near-term disruption from the Iran conflict, reports Reuters citing traders. The supply is bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling. China has around 900 million barrels in strategic inventories, or 78 days’ worth of imports, according to […]
Categories
Uncertain times
A large number of Chinese companies are facing disruption as a result of the Iran war, with many closing down operations, evacuating their staff and reconsidering how much can be done remotely as opposed to having people on the ground. The Morning Post said that WeRide, Meituan and Baidu were among the companies halting operations […]
Hong Kong stocks retreated by the most in nearly a year on Monday alongside risk assets in Asia, while oil and gold surged after the US strikes on Iran, reports the South China Morning Post. This comes as surging geopolitical risks sparked a risk-off mode among investors. The Hang Seng Index closed 2.12% down at 26,067.27. At […]
China sharply reduced tariffs on Canadian canola over the weekend, reports Caixin. The moves marks a major de-escalation in bilateral trade tensions following Canadian Prime Minister Mark Carney’s recent visit. China’s Ministry of Commerce confirmed Saturday that it would impose a 5.9% anti-dumping duty on Canadian canola, effective March 1 and lasting five years. The rate […]