China has issued the last batch of refined fuel export quotas for this year, Reuters reported, citing two industry officials with knowledge of the matter. These final quotas total 3 million tons, bringing this year’s overall fuel export quota to almost 59 million tons, compared to 56 million ton last year. It will be valid until the end of the year and include 1.95 million tons for state-owned CNPC, 1 million tons for private refiner ZPC, and 50,000 tons for Norinco.
In July, ZPC became the first private company allowed to export refined fuels. Previously, the quotas were mostly granted to state refiners such as Sinopec, CNPC, CNOOC, and Sinochem. However, Beijing is seeking to expand independent refiners’ access to the global market as a means to ease domestic oversupply. China’s fuel inventories have been swelling due to record refinery processing.
