PetroChina’s unit became the first to reincorporate in Hong Kong under a new law, while its trading arm, Chinaoil Hong Kong, was added to EU sanctions against Russia. This happened as Chinese state-owned oil companies were reportedly halting purchases of Russian oil following new US sanctions against major Russian firms. A PetroChina subsidiary was the first to reincorporate in Hong Kong under a new re-domiciliation law, as reported by the South China . Chinaoil Hong Kong, a trading arm of PetroChina, was added to the EU’s new sanctions package against Russia. Chinese state-owned oil companies, including PetroChina, were reported to be suspending their purchases of Russian oil following the new US sanctions. The reduction in Chinese purchases, along with actions from other major buyers, was expected to put pressure on Russia’s oil revenues and potentially lead to higher global oil prices.
Note by Alessandro Bazzoni