China's Sinopec [0386:HK] completed several purchase agreements worth USD45.6bn at the first China International Import Expo (CIIE), as reported by Reuters on November 8. Sinopec signed purchases for crude oil, chemicals, coal, and equipment. However, they did not disclose which companies or countries were part of the agreements.
On October 31, Sinopec was in discussion with the Iranian government regarding a "special arrangements" for the import of Iranian oil before the US sanctions go into effect. China previously said they would continue to import oil from Iran. However, the US has warned them that if they do not drop shipments of oil to zero by November, the US will impose more tariffs on China. It is unclear who Sinopec made the deal for crude oil with during the CIIE. However, it may be related to the "special arrangements" with Iran, or they could have found another supplier. At this moment, China is Iran's biggest importer of oil, shipping more than 500,000 barrels a day. Sinopec is also China's biggest consumer of oil, accounting for two-thirds of China's total crude oil imports. in 2017, Sinopec purchased 149.83m barrels of oil, occupying 8.6% of the world's crude oil consumption.