VLCCs are set to be a key beneficiary of Saudi Arabia’s latest investments in Chinese refineries, says US shipbroker Poten & Partners.
More than 75% of Chinese crude oil imports are done on VLCCs and the flows from Saudi Arabia are almost 100% done on these large crude carriers, according to the broker.
Saudi Arabia recently received Chinese government approval to start construction on a new 300,000 barrels per day (bpd) refinery in the city of Panjin in the Northeast province of Liaoning.
