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Commodities

Chinese refiner admits buying Russian oil for 'risk control' and 'price'

Shanghai Petrochemical under pressure from rising procurement costs

A Russian oil field. China, along with India, has been known to be a major buyer of Russian crude.   © Kyodo

HONG KONG -- Sinopec Shanghai Petrochemical, one of the largest petroleum refiners in China, said it has purchased Russian crude oil in a rare admission for a state-owned enterprise.

Guan Zemin, president of New York-listed Shanghai Petrochem, told reporters and analysts on Friday at an online earnings call that the company has bought 99,000 tons of Russia's flagship Urals crude during the first half of the year.

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