the unexpected happened: China out of space to store oil. According to Reuters, two tankers from 4 million barrels of crude oil purchased by the Chinese government to replenish strategic reserves, drifting off the eastern port for almost two months, since this oil have nowhere to unload.
According to unofficial sources, this oil was acquired by Sinochem to replenish state reserves. However, it was supposed to send commercial oil storage Weifang connected pipeline terminal Huangdao. These storage tanks that can hold about 25 million barrels of oil, owned mainly by private refineries Shandong Hongrun Petrochemical Co. It should be noted that the delay in unloading will cost millions of dollars to China, while it is unlikely to maintain a record high imports, without solving the storage problems in their major ports. Ocean Lily and Plata Glory - two large oil tanker - arrived in Huangdao, the main oil terminal port of Qingdao in early September and still has not been discharged.
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According to unofficial sources, this oil was acquired by Sinochem to replenish state reserves. However, it was supposed to send commercial oil storage Weifang connected pipeline terminal Huangdao. These storage tanks that can hold about 25 million barrels of oil, owned mainly by private refineries Shandong Hongrun Petrochemical Co. It should be noted that the delay in unloading will cost millions of dollars to China, while it is unlikely to maintain a record high imports, without solving the storage problems in their major ports. Ocean Lily and Plata Glory - two large oil tanker - arrived in Huangdao, the main oil terminal port of Qingdao in early September and still has not been discharged.
Join my private group for free signals, analysis and training. Msg. for details.