China’s Ministry of Commerce said on its website on Tuesday that it would grant up to 243 million tons of crude oil import quotas to qualified refineries in 2022. That figure will remain unchanged from 2021 levels. According to the ministry, eligible refineries have until November 19 to submit their applications for the quotas to relevant authorities. The ministry would allocate the first batch of crude quotas for 2022 before December 31. Meanwhile, the remaining volumes will be allocated in the following months, depending on market conditions.
The ministry said it might raise quotas if refiners expanded their capacity and needed to import more barrels. The ministry will also allow quota holders to make downward adjustments by returning the remaining quotas by September 1 of the corresponding year. The ministry has so far awarded a total of 171.75 million tons of import quotas to 43 qualified refineries, compared to 179.4 million tons of quotas granted to 44 qualified refineries in 2020.
