Sinopec sees soaring U.S. oil imports

Updated 2018-02-27 11:10:02

Sinopec has said it expected crude imports from the U.S. would increase at a faster pace in 2018 and exceed 10 million tons for the year.

Sinopec imported 5.57 million tons of U.S. crude through its China International United Petroleum & Chemicals Co (UNIPEC) subsidiary in 2017. UNIPEC was the largest U.S. crude importer in the Asia-Pacific region last year. Its imports account for about 10 percent of total U.S. exports for the year.

So far, more than a dozen Sinopec refineries have processed U.S. crude.

In 2017, China imported 420 million tons of crude, exceeding the U.S. to become the world's largest crude importer. The U.S., on the other hand, is becoming a major oil exporter due to its energy revolution.

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