The “Bloomberg” agency reports that Beijing is in talks with Moscow on the possibility of getting cheap Russian oil to replenish China’s strategic black gold reserves.
On Thursday, the agency cited people familiar with the plan, who requested anonymity, saying consultations were currently underway between Beijing and Moscow on possible additional Russian crude supplies to China.
One of the agency’s sources stated that this crude could be used to fill China’s strategic oil reserves, noting that there are negotiations between the two countries at the two -government level, with limited direct participation of oil company.
According to the agency, it confirms that Beijing is strengthening its economic ties with Moscow, at a time when the European Union is aiming to completely abandon Russia’s oil imports.
At the same time, a person told the agency that the size and terms of a possible agreement between Moscow and Beijing have not yet been determined and there is no guarantee that any agreement on the matter will be finalized between the two countries.
The Russian and Chinese foreign ministries declined to comment immediately on the matter, at the request of “Bloomberg”.
The agency pointed out that this was happening in the context of rising oil prices during the year as a result of military operations conducted by Moscow in Ukraine, along with the fall in Russia’s oil prices as a result of the abandonment. a few buyers from Moscow.
This has given China, according to the agency, the opportunity to renew its vast strategic oil reserves, which are often used only in emergency situations or during times of sudden unrest.
And “Bloomberg” reported that Beijing has quietly continued buying Russian crude since Moscow began its military operation in Ukraine, despite a new wave of coronavirus outbreaks in China.
China has not disclosed the size of its crude reserves, with some locals putting it in more than a billion barrels of commercial and strategic reserves.
Last year, China sold part of its strategic oil reserves, in a “historic” move, according to the agency, that came in an effort to limit rising world oil prices in light of the recovery of major economies. consequences. of pandemic.
Source: Bloomberg
Source: Arabic RT
