October 2, 2019 / 10:33 AM / 18 days ago

Russia's Lukoil sells rare Arctic crude oil to China -sources

SINGAPORE/MOSCOW, Oct 2 (Reuters) - Russian oil producer Lukoil has sold a rare cargo of Varandey Blend crude to a Chinese buyer with the shipment sailing via Arctic waters, according to industry sources and shipping data.

Lukoil’s trading arm, Litasco, sold the cargo to Chinaoil, the trading vehicle of state-owned CNPC, said one of the sources.

Russia, the world’s second-largest oil producer, has been exploring ways to ship more of its crude from the country’s west to Asia, to expand its market share in the east where demand growth exceeds other regions. (Reporting by Shu Zhang in SINGAPORE and Olga Yagova in MOSCOW Editing by Florence Tan and Louise Heavens)

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