State-owned refineries in China comply with existing contracts for the supply of Russian oil, but avoid new ones, despite large discounts. This is reported by Reuters with reference to sources.
Sinopec, the largest oil refinery in Asia, and Sinochem have remained on the sidelines and are not buying Russian oil for delivery in May, the interlocutors said.
Chinese state-owned companies do not want to look like Moscow’s supporters by buying additional volumes of oil, two sources told Reuters. “State-owned enterprises are being cautious because their actions can be regarded as the actions of the Chinese government, and none of them wants to be singled out as a buyer of Russian oil,” one of the sources said.