The Ministry of Commerce and the General Administration of Customs have jointly set the first batch of product oil export quota under processing trade for 2017 at 12.4 million tonnes, down sharply by 41 percent compared to last year, according to sources with the refineries of China's two oil giants.
Sinopec has obtained a quota of 6.05 million tonnes, followed by CNPC, 4 million tonnes, CNOOC, 800,000 tonnes, and Sinochem, 1.55million tonnes.
As expected, local refineries were dropped from the list.
The first batch of export quota breaks down into 5.25 million tonnes of diesel, 3.65 million tonnes of gasoline and 3.5 million tonnes of kerosene, according to the sources.
Specifically, CNPC obtained a quota of 1.6 million tonnes for gasoline exports, and Sinopec obtained a quota of 2.71 million tonnes for kerosene exports and 2.54 million tonnes for diesel exports.
CNPC's Dalian West Pacific Petrochemical Company Ltd. (WEPEC), Dalian Petrochemical Corp. and Guangxi Petrochemical Corp. together account for 76 percent of the total product oil export quota for CNPC, with WEPEC alone granted 1.09 million tonnes.
Sinopec's Hainan refinery was granted an export quota of 790,000 tonnes, followed by its Qingdao refinery, 730,000 tonnes.
The five refineries of Sinopec in east China, namely Zhenhai refinery, Yangtze Petrochemical, Jinling Petrochemical, Gaoqiao Petrochemical and Shanghai Petrochemical, account for 45 percent of Sinopec's total export quota.
CNOOC's Huizhou refinery was granted a quota of 800,000 tonnes, and Sinochem's Quanzhou refinery got 1.55 million tonnes.
Latest comments