China's Rongsheng Petchem opens Canada office, buys crude from Suncor
Rongsheng,
More Canadian crude is expected to flow into
Rongsheng's first purchase since opening the new office in
the western city of
The company recently started buying Canadian crude on a
free-on-board (FOB) basis, while past purchases were mostly on a
delivered at place (DAP) basis,
An FOB contract normally allows buyers to re-sell cargoes, affording more flexibility to redirect them, depending on market conditions.
Rongsheng also buys Canadian crude from suppliers such as
Wang, who founded and chaired PetroChina International
Canada Trading, an arm of state oil giant
He was previously at
"The company has always attached importance to the global talent layout and continues to optimise team configuration according to the needs of business development," Rongsheng said in an email to Reuters.
(Reporting by
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