March 24 (Reuters) - Top Chinese refining major Sinopec

Corp will prioritise "risk control" in

purchasing Russian oil, which has similar quality for its value

versus competing global supplies, a top company executive said

on Monday.

The remarks followed a recent move by China's state-owned

oil importers including Sinopec that have shied away from

Russian oil purchases this month as companies assess compliance

following recent U.S. sanctions on Moscow.

Company president Zhao Dong told an earnings briefing in

Hong Kong that Sinopec is "fairly capable" of securing crude oil

supplies, including via term-term supply agreements of multiple

partners.

Sinopec did diversify procurement sources to fill the supply

gap in Russian oil with shipments from West Africa, the Middle

East and Brazil, after Washington's January 10 sanctions on

Russian oil sales briefly stalled trade and sent freight cost

soaring.

Zhao also said China's tariffs on U.S. oil and gas have a

"limited" impact on Chinese imports and that U.S. oil supply

makes up a small share in Sinopec's crude oil purchases.

For the whole of 2024, U.S. supplies accounted for 1.7% of

China's crude imports, while U.S. liquefied natural gas

accounted for roughly 5.4% of China's purchases.

Sinopec reported on Sunday a 16.8% decline in 2024 net

profit, citing lower crude oil prices and the accelerated

development of the new energy vehicle (NEV) industry.