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China Issues Third-Batch Quotas For Oil Product Exports

China has issued the third batch of 2019 quotas for ordinary-trade refined oil export, permitting six million mt of exports, according to an industry source.

Sinopec obtained quotas for 2.78 million mt, followed by PetroChina with 2.02 million mt, Sinochem with 600,000 mt and China National Offshore Oil Corporation with 600,000 mt.

Hengli Petrochemical didn’t get any quotas under this batch.

The separate quotas for different products are not known yet.

China has released quotas for a total of 56 million mt of refined oil exports under ordinary trade and processing trade in 2019, an increase of eight million mt or 16.7% from a total of 48 million mt for 2018. It may issue quotas for over 60 million mt of refined oil exports through 2019.

The country is expected to boost gasoline exports more significantly later this year, as the domestic market is seriously oversupplied and only half of the first two batches of gasoline quotas have been used. China may also raise the share of gasoline quotas later this year to encourage export.

China’s gasoline exports in the first half of 2019 accounted for only 50% of the first two batches of quotas, while diesel exports accounted for 64% of the quotas, JLC data shows.

By JLC International

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