China will allow companies to export more gasoline, gasoil, and jet fuel by deducting the same volume of their available fuel oil quotas for this year, according to people with knowledge about the matter. The policy will help exporters alleviate the shortage of quotas for gasoline, gasoil, and jet fuel, as no new quota is expected to be granted for the rest of the year, the sources said.
Sinopec, PetroChina, CNOOC, Sinochem, and ZPC, which hold the quota, are allowed to apply for the transfers to the Ministry of Commerce. The sources added that the ministry is likely to grant about 1 million tons of fuel oil export quotas for the rest of 2021 after the approval. However, this batch will not be allowed to be converted into other oil products. Analysts said exporters have used 33.7 million tons of Beijing’s total export quotas of 37 million tons for the three key oil products.
