Shanghai Petrochem reveals more Russia oil buying as Li Qiang visits

HONG KONG -- Sinopec Shanghai Petrochemical, one of the largest crude oil buyers in China, revealed on Thursday that it purchased a substantial amount from Russia in the first half of 2024, just as Chinese Premier Li Qiang happened to be on an official visit to Moscow.

Du Jun, vice president and chief financial officer of Shanghai Petrochem, said during an interim results briefing in Hong Kong that the company had bought 620,000 tonnes of Russian crude during the first six months -- after buying zero in the same period of last year.