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China's Rongsheng Petchem opens Canada offices, buys crude oil from Suncor

China's Rongsheng Petchem opens Canada offices, buys crude oil from Suncor

Sources in the trade said that China's Rongsheng Petrochemical (a major independent refiner) has opened a Canadian office to purchase Canadian crude. It made its first order from Suncor Energy.

Rongsheng is China's largest independent refining company with a capacity of 40,000,000 metric tons annually or 800,000.000 barrels daily. Since the newly expanded Trans-Mountain Pipeline began operations in May last year, Rongsheng has been a regular purchaser of heavy sour Canadian Crude.

Sources said that the first order made since the opening of the new office located in Calgary, western Canada was for crude cargo bound for China and arriving in June.

As U.S. president Donald Trump threatens to impose an import tariff of 10% on Canadian oil and gas, more Canadian crude will flow into Asia in 2018.

According to his LinkedIn profile, Wang Jie founded and chaired PetroChina International Canada Trading (a subsidiary of China National Petroleum Corp, CNPC) before joining Singapore's Essence Energy. He joined Rongsheng at the beginning of January. He is Rongsheng’s general representative for Americas and Procurement & Trading.

Rongsheng responded to an email from a question by saying that the company "has always placed importance on the global talent structure and continues to optimize the team configuration in accordance with the needs of the business development".

Wang didn't reply to a LinkedIn Message.

(source: Reuters)