Unipec Delivers 1st al-Shaheen oil in Platts Process
Unipec, the trading arm of Asia's largest refiner Sinopec, will deliver the first al-Shaheen crude cargo to Chinaoil following trades during the Platts Market on Close process that set the Middle East crude benchmark Dubai, traders said on Monday.
The Qatari crude, along with United Arab Emirates' Murban, was approved as a deliverable grade by the pricing agency after big trade volumes between the two Chinese companies in August sapped liquidity.
The Dubai and Oman benchmarks as assessed by Platts are used to price more than 12 million barrels per day of Middle Eastern and Russian crude exported to Asia.
Reporting by Florence Tan