China is likely to remain the key outlet for Russian light sweet ESPO Blend this year, on rising demand from its independent refning sector. Chinese frms will load 380,000 b/d of ESPO Blend from Russia’s Pacifc port of Kozmino next month — two-thirds of all exports and nearly 75,000 b/d more than in January (see graph). Sinopec, CNOOC and Sinochem are still the main Chinese buyers of ESPO Blend from Kozmino, but some of their purchases are likely to go to independent refners — informally known as teakettles — which were granted licences to run imported crude last year.
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