China’s Unipec, the trading division of Sinopec, has bought a rare cargo of North Sea oil amid lukewarm local demand. Citing unnamed sources from the oil trading industry, Reuters reported today that the cargo comes from Norway’s Johan Sverdrup field and will be delivered in May. The volume of the cargo was 8 million barrels—the largest volume of North Sea oil that a Chinese company has bought since February 2022, the report noted, citing data from Kpler. The Chinese company is also active in LNG and is among the long-term buyers of the product from Venture Global, which has been embroiled in a dispute with several of its funders for months. Now, Unipec has also joined the fray, taking the side of the long-term clients, some of whom have also filed an arbitration suit against Venture Global.

Source: The North Africa Journal March 13, 2024 09:04 UTC