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PetroChina and Hengli win 4.43 mil barrels of state crude reserves in Chinese first set of planned auctions

September 28/2021

MOSCOW (MRC) -- PetroChina and privately-held Hengli Petrochemical (Dalian) Refinery were awarded 4.43 million barrels of crudes in China's first set of planned auctions from state crude reserves, reported S&P Global with reference to sources from both companies.

The state-run PetroChina won 951,137 barrels of Qatar Marine and 1.1 million barrels of Forties, each cargo priced at USD65/b.

Hengli took 1.79 million barrels of Oman at USD65/b and 592,031 barrels of Upper Zakum at USD70.50/b.

However, the 2.95 million barrels of Murban crude failed to attract any bids.

As planned, China's National Food and Strategic Reserves Administration held the auction on the National Oil Reserve Trading System Sept. 24. Participants said the notional price for the auction barrels was USD65/b.

As MRC informed previously, PetroChina, Asia's largest oil and gas producer,aims to have oil, gas and green energies to each account for a third of its portfolio by 2035, as the Chinese oil major shifts toward a lower-carbon future.

We remind that in August, 2021, PetroChina Liaoyang Petrochemical Co Ltd , part of the Chinese petrochemical major - PetroChina,successfully started up its new polypropylene (PP) plant last week. Based in Liaoning City, Liaoyang Province, China, the new PP plant has a production capacity of 300,000 tons/year.

According to MRC's ScanPlast report, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.

PetroChina Company Limited, is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It is China's biggest oil producer.

Hengli Group is an international company that owns a diversity of business: petrochemical, advanced polyester materials, textiles, trading, finance and thermal power. In 2019, Henglis total revenue was 556.7 billion RMB, ranking No. 181 in the Fortune Global 500 list. Hengli operates the largest PTA site in the world combined with the biggest performance fibre textile production base.
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, PP block copolymer, homopolymer PP, PP random copolymer, petrochemistry, Hengli Petrochemical, PetroChina, China.
Category:General News
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