China refiners may turn to Russia and Iran oil

Shopping spree: A file picture showing a worker walking past the front desk of ChemChina headquarters in Beijing. In the latest ESPO deal, the company purchased two cargoes that will load in the latter half of December. — AFP

BEIJING: China’s independent refiners are set for crude buying frenzy as they seek to use import quotas before they expire in less than three months.

That’s likely to boost demand for crude that can be delivered quickly, such as Russia’s Eastern Siberia Pacific Ocean (ESPO) oil from the far east that typically takes less than a week to be shipped.