By Siyi Liu and Florence Tan
SINGAPORE (Reuters) -Sinochem has delivered its first Middle East crude cargo during the Platts Dubai Market on Close process, trade sources said on Tuesday, part of an effort by the Chinese firm to step up oil trading in Asia.
The company delivered an Oman crude cargo for October loading to Trafigura during the S&P Global Platts Market on Close process on Monday, after completing the sale of 20 Dubai partial lots so far this month, data from trade sources showed.
S&P Global Commodity Insights confirmed that this is the first cargo to be delivered by Sinochem under the Platts Asia crude MoC assessment process.
Platts assesses trades conducted during the MoC process – also known as the window – to set daily prices for Middle East crude benchmark Dubai, used in pricing more than 14 million barrels per day of oil produced in the Middle East and exported to Asia.
Sinochem is participating in window trades to diversify its trading tools and capabilities, one source familiar with the matter said.
Another two sources said the company is expanding derivatives trading from its Beijing and Singapore offices and has relocated a trader from China to Singapore.
Sinochem did not respond to a Reuters request for comment on its trading activity.
(Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Sonali Paul and Joe Bavier)
