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Chinese refinery buys North Sea oil

Chinese refinery Unipec, a subsidiary of state-owned Sinopec, has acquired a shipment of crude oil from the North Sea in a rare move that shows how much the market has changed, writes Financial Times.

Normally, Chinese refineries tend to avoid trading oil from the North Sea, as it requires both time and money transporting the oil to be refined in China. But that's exactly what Chinese Unipec, a subsidiary of state-owned refinery Sinopec, has done, according to Financial Times.

The refinery has purchased a shipment of Forties-style crude oil, which will be loaded next week. However, there is still a chance that Unipec could sell the oil to another company, industry sources tell the newspaper.

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