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China Mops up European Gasoline, Extending Oil Buying Spree

China has bought around 250,000 tonnes of gasoline and blending components from Europe in recent days as the world's top energy consumer mops up oil products, traders said on Tuesday. 

The move comes in tandem with a massive and rare buying spree by Chinese state-run oil firms of 335,000 tonnes of naphtha and diesel for delivery in November into China. 

Unipec, the trading arm of top Chinese oil firm Sinopec , PetroChina and other smaller traders have done most of the recent gasoline buying in Europe, traders said. 

The strong demand from the East has offered support to European gasoline refining margins, which rose on Tuesday to around $9.5 a barrel, up $2 from a day earlier. 

The Chinese buying is putting further pressure on supplies which have been limited in recent months due to planned refinery maintenance in Europe and the North American East Coast as well as unplanned outages. 

( indiatimes.com  Edited by Topco)