BEIJING, Aug 21 (Arab News): Russia held its spot as China's top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.
On the other hand, imports from second-ranking Saudi Arabia rebounded last month from June, which was the lowest in more than three years, to 6.56 million tons, or 1.54 million barrels per day, but still slightly below year-ago level.
Year-to-date imports from Russia totaled 48.45 million tons, up 4.4 per cent on the year, still trailing behind Saudi Arabia, which supplied 49.84 million ton, or 1 per cent per cent below the year-ago level.
Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totaled 7.15 million tons, up 7.6 per cent from a year ago, data from the Chinese General Administration of Customs showed.
Still, Russian supplies in July, equivalent to about 1.68 million bpd, were below May's record of close to 2 million bpd. China is Russia's largest oil buyer.
China's crude oil imports in July fell 9.5 per cent from a year earlier, with daily volumes at the second lowest in four years, as refiners drew down inventories and domestic fuel demand recovered more slowly than expected.
The strong Russian purchases squeezed out competing supplies from Angola and Brazil, which fell 27 per cent year-on-year and 58 per cent, respectively. Customs reported no imports from Venezuela or Iran last month. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary US sanctions. Imports from Malaysia, often used as a transfer point in the past two years for oil originating from Iran and Venezuela, soared 183 per cent on the year, to 3.34 million tons, and up from June's 2.65 million tons.
Meanwhile, Saudi Arabian Oil Co, also known as Aramco, plans to complete Valvoline Global Products (VGP) acquisition by early 2023, Mohammed Y Al-Qahtani, Aramco's downstream senior vice president, told the news agency.
In early August, the oil giant announced that it had signed an SR9.9 billion ($2.65 billion) equity purchase agreement to acquire the US-based company.
Because VGP is a leading worldwide independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals, it perfectly fits within the company's base oil portfolio and lubricant growth strategy, Al-Qahtani said.
With this acquisition, he added that Aramco would expand its research and development activities and its partnership with original equipment manufacturers. The buyout will also complement its line of premium branded lubricant products.
With this acquisition, the official said Aramco would expand its research and development activities and its partnership with original equipment manufacturers.
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