China Sinochem buys rare Venezuelan oil cargo after U.S. suspends sanctions

China's Sinochem Corp has bought a million barrels of Venezuelan crude oil for arrival in December, a rare purchase as the state oil and chemicals group capitalises on Washington's suspension of sanctions on the South American producer. In mid-October, Washington suspended sanctions on Venezuela's oil and gas exports for six months, prompting a flurry of spot trades of crude and fuel through Western traders such as Trafigura and Vitol as well as middlemen. Sinochem has agreed to buy the cargo of heavy Venezuelan Merey crude at a discount of $11 a barrel to dated Brent crude on a delivered ex-ship (DES) basis, three traders with knowledge of the purchase told Reuters.

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