China to auction 7.38 million barrels of oil reserves on September...


China will auction 7.38 million barrels of oil reserves on September 24
© Reuters.

BEIJING (Reuters) – China’s State Reserves Administration said on Tuesday it will auction about 7.38 million barrels of its non-cleared reserves, mostly from the Middle East, on Sept. 24 in the first round of rare sales of its reserves.

The National Food and Strategic Reserves Administration said last week that it would put crude oil reserves on the market in phases to help achieve price stability.

The quantities offered in the first sale round were divided into five batches, the first being 951,137 barrels of Qatari marine (SE:) crude, about 1.1 million barrels of Fortis blend crude from the North Sea, more than 1.79 million barrels of Omani crude, more than 2.95 million barrels of Murban and 592,031 barrels. From Upper Zakum ore. The last two are from Abu Dhabi.

The administration said in a note that auction participants must abide by the national refining policy and obtain sufficient import quotas to obtain the crude that has not yet obtained customs clearance. She added that any quantities purchased in the auction are not suitable for resale.

(Prepared by Lubna Sabry for the Arab Newsletter – Editing by Moataz Muhammad)

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