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Markets


CHINA ALLOWS REFINERS TO EXPORT 40% LESS FUEL THAN A YEAR AGO

 * Five million tons of quota awarded to refiners in latest batch
 * Beijing not interested in ramping up exports to meet demand

Bloomberg News
July 6, 2022 at 7:46 AM GMT


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China issued its latest batch of fuel export quota for the year, but total
allowances are still around 40% less than the same point in 2021.

Some 5 million tons of diesel, gasoline and jet fuel quotas were awarded,
according to refinery executives who received preliminary notices from the
Ministry of Commerce and a note from local consultant OilChem. The executives
asked not to be identified because they aren’t authorized to speak to media. 




The commerce ministry didn’t immediately reply to a fax seeking comment.  

That takes issuance in 2022 to 22.5 million tons, compared with 37 million tons
for the same period last year. Beijing controls how much fuel both state-owned
and private refiners can export, and has been seeking to limit shipments as part
of efforts to reduce pollution and consolidate the sector.



See also: Massive Oil Refining Capacity Idle in China as Prices Soar  




A large chunk of China’s refining capacity is currently not being used as the
economy recovers from virus lockdowns. The latest issuance shows Beijing isn’t
interested in ramping up exports to meet surging demand from fuel-starved global
markets. That’s in stark contrast to the US, where there’s a relative lack of
capacity and refineries are running near their limits.



Based on the preliminary notices, PetroChina Co. received 1.47 million tons of
quota and China Petroleum & Chemical Corp. got 1.27 million tons. Sinochem Group
and Zhejiang Petrochemical Co. were assigned 840,000 tons each, while CNOOC Ltd.
got 460,000 tons. NPI, an unit affiliated with Zhenhua Oil Co. obtained 100,000
tons and China Aviation Oil Corp. received 20,000 tons.

PetroChina, Cnooc, ZPC, CAO and Zhenhua Oil didn’t immediately respond to emails
seeking comment. A Sinopec spokesman declined to comment.

 1st batch

2nd batch

(interim)

2nd batchYTD3rd batch202213m4.5m5m22.5m (-40% y/y)not yet
released202129.5mnone7.5m37m1.58m

Note: Volumes are in tons 



— With assistance by Alfred Cang, Sarah Chen, and Serene Cheong





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