July 9, 2018 / 7:15 AM / a year ago

China private refiner buys its first Kuwaiti crude oil cargo

BEIJING, July 9 (Reuters) -

* Shandong Dongming Petrochemical Group, China’s largest private refiner, has bought a 1.9-million barrel cargo of Kuwaiti crude oil for end-July loading, the first of its kind since the plant started importing the commodity in 2015, company officials said on Monday.

* The cargo was of Kuwait Export Blend, one of Kuwait Petroleum Corp’s main export grades, with a sulphur content of 2.5 percent, the officials said.

* The purchase was partly to compensate for a decline in Venezuelan heavy grade Merey, said one of the officials. Venezuelan oil exports to China could sink to multi-year lows in July as the OPEC producer struggles with shrinking output and logistics hurdles.

* Dongming, based in the eastern province of Shandong, will blend the Kuwaiti oil with other lighter and lower-sulphur oil, said the officials.

* KPC did not immediately respond to a request for comment. (Reporting by Chen Aizhu Editing by Joseph Radford)

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