SINGAPORE/BEIJING (Reuters) - China issued a new and final batch of refined fuel export quotas totalling 3 million tonnes for this year, including its first sizeable quota to a giant private refiner, two industry officials with knowledge of the matter said on Monday.
The new issue brings the total fuel export quota in 2020 to nearly 59 million tonnes, up from last year’s 56 million tonnes.
Valid until the end of 2020, the new quota includes 1.95 million tonnes allotted to CNPC, 1 million tonnes to privately controlled Zhejiang Petrochemical Corp (ZPC) and another 50,000 tonnes to North Industries Group Corp (Norinco), the sources said.
The Ministry of Commerce did not immediately respond to a request for comment.
ZPC, which operates China’s single-largest crude oil refinery based in eastern port city Zhoushan, became the first private refiner allowed to export refined fuel, as Beijing seeks to let more private companies access the global fuel market.
Previously, only a handful of large state-owned Chinese refiners, including Sinopec, CNPC, CNOOC, Sinochem Group and China National Aviation Fuel Co, were allowed to export refined products.
For a graphic on China fuel exports vs crude oil imports:
The random allotment to Norinco will fall on the group’s subsidiary refinery Huajin Petrochemical based in northeast China’s Liaoning province, which aims to use the quota for diesel, said one of the persons.
Despite swelling domestic fuel inventories as a result of record refinery processing, Chinese refiners have capped overseas shipments so far this year as the coronavirus pandemic slashed global demand.
China normally issues refined fuel quotas - covering mostly diesel, gasoline and jet fuel but not the low-sulphur fuel oil, which is under a separate quota - in several batches over a year.
The latest batch falls under the “general trade” category, whereby companies receive a tax refund after transactions are completed.
Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; Editing by Kim Coghill and Sherry Jacob-Phillips
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China issues final batch of refined fuel export quotas for 2020: sources - Reuters UK
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