State-run China Aerospace Science and Industry Corp (CASIC) is a tanker owner, shuttling oil back home from Venezuela.
Reuters has revealed that the defence firm has been running three VLCCs it took over from PetroChina nearly two years ago, taking oil from sanctions-hit Venezuela. The ships are called Xingye, Yongle and Thousand Sunny. PetroChina also transferred to CASIC a tank farm based in Ningbo, where the shipments are delivered.
CASIC is a state-owned enterprise that designs, develops, and manufactures a range of spacecraft, launch vehicles, strategic and tactical missile systems, and ground equipment.
Officially, China has not reported any crude oil imports from Venezuela since October 2019 when sanctions were put in place by the US. However, a trade via Malaysia has been widely reported.
