On May 21, Zhenhua Oil successfully completed its first spot physical crude delivery via the Dubai Window platform, operated by S&P Global Platts, a leading global energy pricing agency. The delivered crude involved Zhenhua’s equity share of Murban crude from the United Arab Emirates. This marks a major milestone for Zhenhua—its first physical crude delivery via the Platts mechanism—signifying a strategic breakthrough in its international crude trading journey. By linking upstream production directly with end-user refineries, the company has further strengthened its position in the Middle East’s key oil-producing region.
The delivered grade, Murban crude, is a flagship product of the Abu Dhabi National Oil Company (ADNOC) and was sold directly to a PetroChina refinery. Known for its high API gravity, low sulfur content, and strong refining flexibility, Murban is a preferred choice among refiners across Asia-Pacific and Europe. By leveraging the credibility and reach of the Platts Dubai Window, Zhenhua Oil not only secured an efficient match between supply and demand, but also showcased the professionalism and reliability of Chinese energy firms on the global stage.
This successful delivery also highlights Zhenhua Oil’s strategic transformation from a traditional resource developer to a comprehensive energy service provider. Looking ahead, the company will continue to build on its resources and network strenths, deepen cooperation with oil-producing countries, international traders, and financial institutions, and develop a more resilient global energy trading framework, driving high-quality and sustainable growth.