Shanghai: China International United Petroleum & Chemical Corp., known as Unipec, has provisionally hired five supertankers to ship crude from the Middle East, adding to eight vessels that were chartered last week to load in November.
The trading unit of China Petroleum & Chemical Corp., the country's largest oil refiner, may load as much as 3.51 million metric tonnes, or more than 25 million barrels, based on fixtures reported October 26 and yesterday by BRS Brokers. Each vessel is a Very Large Crude Carrier used to carry crude or fuel oil.
China, which overtook the US last year as the world's biggest energy user, may be boosting its strategic stockpiles as its crude surplus rises to a record. The country is executing the second of a three-phase project to build emergency oil reserves.