China renews Russian crude deal.(China Petroleum and Chemical Corp., Mercuria Energy Trading)(Brief Article)

Chinese state-owned oil company Sinopec has renewed a one-year frame contract to buy Russian Urals crude from Mercuria Energy Trading, a subsidiary of Polish-based trader J&S. Sinopec first signed a one-year contract with J&S to buy 120,000 b/d of Urals crude starting in May last year. The deal formalises an arrangement between J&S and Sinopec's trading subsidiary, Unipec, that has led to regular shipments of Urals to China (FSU 30 July, p8). Unipec has agreed to take more oil in the new …