Post Tagged with: "China Petroleum & Chemical Corp"

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude at Tianjin in September and October, according to the sources, data from analytics companies Refinitiv and Kpler. On Friday, China announced its latest round of punitive tariffs against about $75 billion worth of American goods, adding U.S. crude to the list for the first time with a 5% tariff to take effect from Sept. 1. The tax is expected to increase the cost of a barrel of U.S. crude by $3, the two sources familiar with the matter said. Sinopec (600028.SS) plans to seek tax exemptions from Beijing for its[Read More…]