Rongsheng Petrochemical has become the latest refiner in China to have purchased crude oil delivered to Canada's Pacific coast via the expanded Trans Mountain oil pipeline
Rongsheng Petrochemical has become the latest refiner in China to have purchased crude oil delivered to Canada ’s Pacific coast via the expanded Trans Mountain oil pipeline. Rongsheng Petrochemical has bought its first-ever crude cargo via the Trans Mountain Expansion Project, which entered into service in early May, through a tender from TotalEnergies, Reuters reported on Monday, citing trade sources.
The rise in pipeline egress is set to boost the price of Western Canada Select WCS, the benchmark for Canadian heavy crude sold at Hardisty in Alberta, as it will narrow the discount at which WCS has traded in recent years relative to the U.S. crude oil benchmark, West Texas Intermediate WTI. The expanded pipeline is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say.
China TMX Canada Transmountain Pipeline Crude Exports
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