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China issues crude oil import quotas of 121.32 million tonne in 2018

Gasoil News - Published on Tue, 02 Jan 2018

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Reuters reported that China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in 2018, according to a source with direct knowledge of the matter and documents reviewed. State-owned ChemChina has the largest quota at 16.67 million tonnes, followed by North Huajin Chemical Industries Group with 7.47 million tonnes, the documents showed.

China’s imports are expected to hit another record in 2018 as new capacity is brought online and Beijing allows more independent refiners to import crude, with robust demand growth helping to support global oil prices.

The total allocated volume, which equates to 2.43 million barrels per day, is lower than the 142.42 million tonnes announced by the Ministry of Commerce in November for 2018.

The ministry said then that the quotas will be issued in batches, with the first lot based on companies’ actual purchases during the January to October period this year. The ministry could not be immediately reached for comment.

Chinese trade sources said that Beijing could also allocate more quotas to two new refineries built by Dalian Hengli Petrochemical and Zhejiang Rongsheng when they come on line next year.

Among independent refiners, Haiyou Chemical’s allocation in 2018 tripled from this year while Shandong Wonfull Petrochemical’s quota nearly doubled, according to Reuters data. Chambroad Petrochemical, Baota Petrochemical and Sinochem Hongrun can also import more crude next year.

State oil companies and their refining and trading subsidiaries will have a quarter of the crude import quotas for 2018, the documents showed.

The quotas do not apply to China’s five major state-owned oil companies such as PetroChina and Sinopec, which are allowed to import crude freely.

China's crude import quota in 2018

Jincheng Petrochemical2700
Hebei Xinhai Chemical3350
Shandong Zhonghai Fine Chemical1860
Shaanxi Yanchang Petroleum Group3600
Jinao Science and Technology Hubei2300
Henan Fengli Petrochemical2000
Zibo Xintai Petrochemical2000
Shandong Qingyishan Petrochemical Technology3000
Yuhuang Shengshi Chemical Co1440
Dongfang Hualong Group3000
Shandong Qicheng Petrochemical Co1600
Shandong Shengxing Chemical Co2200
Haike Chemical Group1890
Rizhao Landbridge Port Petrochemical Co1800
Dalian Jinyuan Petrochemical Co800
PetroChina International1490
PetroChina International Guangxi Co570
PetroChina International Horgas Co800
PetroChina International Alashankou Co580
Sinopec International Petroleum Exploration & Production Corp800
Sinopec Zhanjiang Dongxing Petrochemical Co 1310
Fujian Refining & Petrochemical Co120
CNOOC Beijing Trading Co620
North Huajin Chemical Industries Group7470
Zhenhua Oil80
Huayue Group360

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Posted By : Rabi Wangkhem on Tue, 02 Jan 2018
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