financetom
Business
financetom
/
Business
/
China's Rongsheng Petchem opens Canada office, buys crude from Suncor
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
China's Rongsheng Petchem opens Canada office, buys crude from Suncor
Mar 28, 2025 12:32 AM

SINGAPORE, March 28 (Reuters) - China's Rongsheng

Petrochemical, a major independent refiner, has

opened an office in Canada to buy Canadian crude and made its

first purchase from local producer Suncor Energy ( SU ), trade

sources said.

Rongsheng, China's largest independent refiner with capacity

of 40 million metric tons a year, or 800,000 barrels a day, has

become a regular buyer of the heavy sour Canadian crude since

the newly-expanded Trans-Mountain pipeline started operations

last May.

More Canadian crude is expected to flow into Asia this year,

as U.S. President Donald Trump threatens to impose a 10% import

tariff on its oil and gas.

Rongsheng's first purchase since opening the new office in

the western city of Calgary is for June-arrival crude cargo to

China, the sources said.

The company recently started buying Canadian crude on a

free-on-board (FOB) basis, while past purchases were mostly on a

delivered at place (DAP) basis, Wang Jie, its Calgary-based

general representative for Americas procurement and trading,

told Reuters.

An FOB contract normally allows buyers to re-sell cargoes,

affording more flexibility to redirect them, depending on market

conditions.

Rongsheng also buys Canadian crude from suppliers such as

Cenovus Energy ( CVE ), Canadian Natural Resources ( CNQ ),

ConocoPhillips ( COP ), BP and Shell, Wang said.

Wang, who founded and chaired PetroChina International

Canada Trading, an arm of state oil giant China National

Petroleum Corp (CNPC), joined Rongsheng in January, his LinkedIn

profile shows.

He was previously at Singapore-based Essence Energy.

"The company has always attached importance to the global

talent layout and continues to optimise team configuration

according to the needs of business development," Rongsheng said

in an email to Reuters.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-UK's CMA Finds Provisional Concerns With Vodafone/ Three UK Deal
BRIEF-UK's CMA Finds Provisional Concerns With Vodafone/ Three UK Deal
Sep 14, 2024
Sept 13 (Reuters) - Competition and Markets Authority: * MERGER UPDATE: VODAFONE ( VOD ) / THREE * MERGER COULD LEAD TO TENS OF MILLIONS OF MOBILE CUSTOMERS HAVING TO PAY MORE * WILL EXPLORE POTENTIAL SOLUTIONS TO ITS CONCERNS BEFORE FINAL DECISION BY 7 DECEMBER. * MERGER COULD IMPROVE QUALITY OF MOBILE NETWORKS, BUT INCENTIVES TO FOLLOW THROUGH ON...
Sony in talks to buy Pink Floyd music rights for about $500 million, FT reports
Sony in talks to buy Pink Floyd music rights for about $500 million, FT reports
Sep 14, 2024
(Reuters) - Sony Music is in advanced talks to buy the rights to music recorded by legendary English rock group Pink Floyd for about $500 million, the Financial Times reported on Friday. Pink Floyd has been riven by personal differences between band members, notably Roger Waters and David Gilmour, that has made reaching an agreement difficult, the FT said, citing...
UAE does not plan to re-open F-35 fighter jet talks with U.S. - UAE official
UAE does not plan to re-open F-35 fighter jet talks with U.S. - UAE official
Sep 14, 2024
DUBAI (Reuters) - The United Arab Emirates does not expect to resume talks with the U.S. about a multi-billion dollar deal for F-35 warplanes, irrespective of who is elected to the White House in November, a senior UAE government official said on Saturday. Reuters reported on Friday that the UAE was planning to resume negotiations to purchase F-35s and armed...
Zenas BioPharma Prices Upsized IPO
Zenas BioPharma Prices Upsized IPO
Sep 14, 2024
03:30 AM EDT, 09/13/2024 (MT Newswires) -- Zenas BioPharma (ZBIO) said late Thursday it priced its upsized initial public offering of about 13.2 million shares at $17 apiece for gross proceeds of about $225 million. The biopharmaceutical company, which launched its IPO in August, granted underwriters a 30-day option to buy up to about 2 million additional shares at the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved