A subsidiary of the Chinese petrochemical Corporation of Sinopec in Maoming city, Guangdong province, China last week began the processing of oil delivered from the US in the first instalment after removing 40-year-old embargo on the export of American oil.
As informs Agency Xinhua, the first ship with 42 thousand tonnes of crude oil purchased by the company in the United States, arrived in the port of Zhanjiang on 7 may. The arrival of the second tanker with 130 thousand tons of oil is expected on 20 June.
According to experts, the import of American oil is conducive to the further diversification of imports and strengthening energy security of China.
We will remind, in December 2015, the U.S. Congress passed the Federal budget for 2016, which contained a provision lifting the ban on us oil exports.
The ban was introduced in 1975 in the period of energy crisis caused by the conflict in the middle East. Since then, U.S. companies shipped abroad only refined products, including gasoline.
Barack Obama for a long time objected to the lifting of the ban, which insisted the Republicans. However, the adopted law provides for the President to bring back prohibition for a period of one year, if the shortage of fuel and increasing gasoline prices begin to threaten the national security of the country.
Supporters of lifting the embargo argue that in terms of growth of oil production in the U.S. this will have positive implications for the U.S. economy. In turn, the opponents of renewal of deliveries of oil believe that the benefits of the solution will only get the major energy companies and consumers will be harmed.