[ad_1]
China released the third batch of 2019 quotas for ordinary trade refined oil exports, allowing six million tons of export, according to an industry source.
Sinopec obtained quotas for 2.78 million tonnes, followed by PetroChina with 2.02 million tonnes, Sinochem with 600,000 tonnes and China National Offshore Oil Corporation with 600,000 tonnes.
Hengli Petrochemical did not obtain any quota for this lot.
Separate quotas for different products are not yet known.
China has published quotas for a total of 56 million tonnes of refined oil exports in the context of regular trade and processing in 2019, an increase of 8 million tonnes or 16.7% over total of 48 million tonnes for 2018. It can issue quotas million tonnes of refined oil exported until 2019.
The country is expected to increase its gasoline exports more significantly later this year, as the domestic market is seriously oversupplied and only half of the first two gasoline quotas have been used. China could also increase the share of gas quotas later this year to encourage exports.
China's gasoline exports in the first half of 2019 accounted for only 50% of the first two batches of allowances, while diesel exports accounted for 64% of the quotas, according to JLC data.
By JLC International
More from Reading Oilprice.com:
[ad_2]
Source link
