PetroChina has bought a cargo of Venezuela's Merey crude for its newly commissioned Guangdong refinery.
PetroChina is welcoming this weekend a cargo of Venezuela’s Merey crude for use at a new huge refinery after the U.S. eased sanctions on Venezuelan oil exports a few months ago. A cargo of Merey is due to arrive in China for the state Chinese energy giant on Saturday, according to Bloomberg’s ship-tracking data and sources. Merey is currently being offered at a discount of around $10 per barrel to Brent, trade sources told Bloomberg.
sanctions now give PetroChina the chance to buy Venezuela’s Merey, at a reported discount of around $10 a barrel to ICE Brent. However, if the U.S. were to re-impose sanctions on Venezuela’s oil exports, PetroChina is unlikely to continue buying Venezuelan crude, sources with knowledge of the matter told Bloomberg. At the end of last year, the U.S.
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