• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 8 hours Joe Biden's Presidency
  • 2 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 9 hours Navalny Poisoning Weakens Russo German Relations
  • 3 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 9 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 11 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 1 day So Is COVID a Media Hoax or Not?
  • 41 mins GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 15 hours Minerals, Mining and Industrial Ecology
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 1 day JACK MA versus Xi Jinping
Mercedes To Take On Tesla With Fully Electric SUV

Mercedes To Take On Tesla With Fully Electric SUV

Daimler AG's Mercedes-Benz rolled out…

Energy Shares Plunge As Oil Rally Stalls

Energy Shares Plunge As Oil Rally Stalls

Energy shares were hit hard…

Will Argentina’s Vaca Muerta Shale Play Ever Recover?

Will Argentina’s Vaca Muerta Shale Play Ever Recover?

The COVID-19 pandemic has wreaked…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

China Grants First-Ever Fuel Export License To Private Refiner

Private Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) has received the country’s first-ever license to a private company to export refined oil products out of China, Reuters reported on Thursday, quoting sources familiar with the plan.  

The Chinese government, however, has yet to set the quota of how much refined oil products ZPC can export and directly sell on the international market, according to Reuters’ sources.

So far, only the big state-controlled oil majors in China, such as Sinopec, Sinochem, China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC), have been allowed to directly export refined petroleum products.

Zhejiang Petroleum & Chemical will likely remain the only private Chinese refiner with a license to export fuel because it is based in a free trade zone, according to Wang Zhao, an oil analyst with China-based Sublime Information, who spoke to Reuters.

In May this year, China issued the second batch of its fuel export quotas, and all went to state-held refiners. Sinopec, CNOOC, PetroChina, Sinochem Group, and China National Aviation Fuel Corp received quotas to export refined oil products, sources told Reuters at the time.

Increased exports of fuel from China could keep refining margins across Asia depressed, industry consultancy FGE told Bloomberg at the end of June.

Preliminary data from analysts showed that China’s gasoline exports, for example, surged in the third week of June. FGE expects Chinese exports of gasoline to double to 400,000 bpd-500,000 bpd this month and next from an estimated 200,000 bpd-300,000 bpd in May and June.

In May, China’s gasoline exports slumped by 64.2 percent month on month to their lowest level since February 2019, due to weak refining margins, according to data from the General Administration of Customs cited by Reuters. Total fuel exports out of China more than halved in May, the data showed.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News