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Sinopec Shanghai Petrochemicals processed about 160,000 ton U.S. crude in 2018

U.S. crude accounted for 1.12 percent of total crude processed by Sinopec Shanghai Petrochemicals in 2018, according to a company presentation at its annual earnings conference on Wednesday.

* Sinopec Shanghai processed around 161,000 tonnes of U.S crude last year, compared with nil in 2017, despite the trade uncertainties between the two countires, Reuters calculation based on company filing showed.

* “U.S. is ready to export more shale oil this year, but China’s imports are pending due to the trade talks,” an official from Sinopec Shanghai Petrochemicals said at the press conference in Hong Kong.

* Sinopec’s trading arm Unipec plans to resume buying U.S. crude oil as soon as the first quarter of 2019.
Source: Reuters (Reporting by Meng Meng and Dominique Patton; Editing by Rashmi Aich)

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