Core Insights - The latest U.S. sanctions on a major Chinese crude oil terminal have led Sinopec to divert a supertanker and reduce crude processing rates at some refineries [1][2][4] Group 1: Impact of U.S. Sanctions - The U.S. imposed sanctions on the Rizhao Shihua Crude Oil Terminal, which is partially owned by Sinopec, for receiving Iranian oil on sanctioned vessels [4] - Following the sanctions, Sinopec instructed several subsidiary refineries to cut their operation rates to 80% for the remainder of October [2] - Sinopec's crude oil processing is expected to decrease by approximately 3.36% in October, translating to about 5.16 million barrels per day [2] Group 2: Changes in Shipping and Logistics - A supertanker, the New Vista, originally scheduled to discharge at Rizhao, has changed its destination to Ningbo and Zhoushan ports [3] - The New Vista, chartered by Sinopec's trading arm Unipec, has a capacity of 2 million barrels and is currently carrying Abu Dhabi's Upper Zakum crude grade [3] Group 3: Significance of the Rizhao Terminal - The Rizhao terminal accounts for one-fifth of Sinopec's crude oil imports, highlighting its importance in the company's supply chain [5]
Sinopec diverts supertanker from US-sanctioned port, ship tracking data shows