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Wednesday , September 28 2022

‘Kuwait increases its feedstock exports to independent Chinese refineries by 86.1%’

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S&P’s expects continued flow of some Iranian shipments

KUWAIT CITY, June 13: Figures issued by Standard & Poor’s Global agency showed that Kuwait increased its exports of feedstock to independent Chinese refineries by 86.1 percent in the first five months of this year compared to last year, reports Al-Rai daily. It added that Kuwait exported 2,511 thousand metric tons of feedstock to independent refineries in China between January and May 2022, compared to 1,349 thousand metric tons in the same period of 2021. On the other hand, exports of Saudi Arabia, Russia, the UAE and Brazil of feedstock to Chinese refineries declined for the same period comparatively by 9.5, 11.5, 14.8 and 61.2 percent, respectively.

On the other hand, the agency expected the continued fl ow of some Iranian shipments, although the volume of exports may witness a decline in the wake of a new set of sanctions imposed by the US authorities. Standard & Poor’s Global data showed that Chinese independent refineries’ imports of Iranian crude fell 21.2 percent from April to a sevenmonth low of 1.78 million metric tons in May, but it is still 32.8 percent higher than the previous year’s level. It indicated that the independent refineries are already taking a cautious and neutral stance regarding the purchase of Iranian oil, as the US authorities announced on May 25 new sanctions against several individuals and entities involved in an international network of oil smuggling and money laundering, and who allowed Iran to circumvent the oil sanctions. Standard & Poor’s Global stated that the entities included Chinese trading companies and an independent refinery based in Shandong.

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