China started to process the crude oil imported from the US
Almaty. June 6. Silkroadnews – “People’s Daily” reports, recently a subsidiary of China Petrochemical Corporation Sinopec in Maoming city, Guangdong province, has already started processing crude oil produced in the US.
It is the first batch of crude oil the US imported to China after the removal of the 40-year embargo on the U.S. oil exports.
The experts note, the US oil import contributes to further diversification of imports of “black gold” and serves to China’s energy security strengthening.
The ban on the U.S. crude oil export has been introduced by the U.S. authorities shortly after the beginning of the energy crisis in the 1970-s. In the recent years, due to the shale gas revolution, the volume of oil production in the United States grows significantly. On December 18, 2015, the United States announced the removal of the embargo on the oil export lasted for 40 years.
According to Sinopec, the first ship with 42 thousand tonnes of oil the corporation acquired in the United States, arrived in the port of Zhanjiang on May 7, 2016, the second shipment with 130 thousand tonnes of oil is expected to come on June 20, 2016.
