Yanchang plans to double Russian oil purchases

The state-controlled Chinese Shaanxi Yanchang Petroleum Group is expected to double purchases of the Russian ESPO mixture in 2023.

The increase in purchases will amount to one million metric tons. The company plans to launch a new oil refining unit with a capacity of 50,000 barrels per day at its refinery in Shaanxi Province, located in northern China. The plant, after re-equipment, will be able to process more oil and will be launched at the end of this month.

China and Russia are strategic partners in the energy sector, and an increase in the procurement of service stations may also indicate the development of trade and economic relations between the two countries.