China does most of their business with the US.
What do you think Slo-Joe and his puppet masters are going to do about it?
I think they'll ignore their red line.
HONG KONG — Chinese state energy company Sinopec will continue to buy crude oil and gas from Russia, a top executive said on Monday, even as Western democracies step up sanctions in response to the country’s invasion of Ukraine.
The company, known formally as China Petroleum and Chemical, is involved in two major projects in Russia: an oil and gas production joint venture called Taihu in the Volga-Ural petroleum basin in western Russia with state-owned peer Rosneft, and the development of the Amur gas chemical complex and processing plant with Sibur in the Russian Far East, adjoining China.
Sinopec holds a 10% stake in privately owned Sibur.
During his company’s annual results call on Monday, Sinopec President Yu Baocai noted that it bought both crude and gas from Russia last year.
“We will also continue to do so in accordance to commercial principles and international trade regulations in the future with all trading partners in order to develop normal oil and gas trading cooperation,” he said.
Yu provided no figures, but said the buying is in line with the company’s strategy of “diversifying import sources.” Key considerations, he said, include supply types, price, transport costs, tariffs and supply stability.
Referring to Sinopec’s projects in Russia, Yu said that both are “operating stably in general for the time being, and there are no indications of impairment.”
www.whitehouse.gov
