Top state refiners Sinopec Corp, PetroChina and leading private chemical giants like Hengli Petrochemical (600346.SS) and Zhejiang Petrochemical Corp are set to join the country’s first state oil reserve auction on Friday, company and trading sources said. China, the world’s second-largest oil consumer, is set to auction for the first time state crude oil reserve on Friday in an attempt to test a new mechanism to manage its large emergency stockpile and tame domestic inflation. read more A total of 7.4 million barrels of crude stored in bonded tanks in northeast China’s Dalian port is up for grabs. The grades include Abu Dhabi’s Murban and Upper Zakum, Qatar Marine, Oman crude and Forties Blend from the North Sea. “We’ve registered …. Logistically Hengli has […]