February 18, 2010

China Buys ESPO Crude

Unipec -- China's largest oil trader and a wholly-owned subsidiary of Chinese oil major Sinopec -- bought a 730,000 barrel cargo of ESPO (East Siberian Pacific Ocean) crude oil held in storage at a terminus of the new ESPO pipeline (see previous reports here). The move is viewed by analysts as a sign that China is pleased with the oil's quality. First shipments were made to refiners in (South) Korea and Japan. It is anticipated that ESPO could become an Asia-centered pricing benchmark similar to West Texas Intermediate or Brent Blend.....

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