CNPC Sells First Gas to US

CNPC Sells First Gas to US

Dou Shicong

Date: Wed, 04/04/2018 - 11:44 / source:Yicai
CNPC Sells First Gas to US
CNPC Sells First Gas to US

(Yicai Global) April 4 -- State-owned energy giant China National Petroleum Corp. (CNPC) will sell gasoline to the US for the first time. An oil tanker carrying 350,000 tons of #91 gasoline set sail for American shores a few days ago, marking an important breakthrough in CNPC’s overseas expansion.

The ship, the Mikonos, sailed for the Bahamas on March 30. The gasoline the tanker carries is from an oil refinery in Qinzhou in China’s southern Guangxi Zhuang Autonomous Region. The city is an important petrochemical base on China’s south coast, CNPC’s China Petrol Daily reported today.

A voyage between Asia and the US generally takes 30 to 40 days in the longest ship route for international oil trading. Long delivery distances, significant differences in petrol products between regions, varying valuation formulas and other factors all complicate the oil trade between Asia and the Americas.

PetroChina International America Inc. was established as a CNPC unit in 2005 to develop its US business. It is headquartered in the southern US state of Texas.

CNPC started to export diesel products to the US in 2015. The cumulative volume of diesel products PetroChina International (America) Inc. has sold to 12 American countries -- including Brazil, Uruguay and Peru -- is 840,000 tons.

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Keywords: CNPC, Bahamas, US, Gasoline