China to grant export quotas for refined oil products to private refineries

China’s state council on Tuesday (31 March) announced it would grant export quotas for refined oil products to non-state refineries within the Zhejiang free trade zone, according to Reuters.

In addition, the state council also said in an official communication it would contemplate increasing export rebates for very low sulphur fuel oil (VLSFO) exports and allow companies to carry out bonded oil blending within the free trade zone.

According to Reuters, the council previously awarded three batches of refined oil product exports quotas, but only to state-backed  oil firms.

State-owned Petrochina, Sinopec, CNOOC, refineries have already managed to export VLSFO through the  Zhoushan port in Zhejiang free trade zone through the quota and export rebate.

However, it has been noted that the council did not devulge any details in the statement on the permitted volume or time frame on granting quotas to private refineries. 

Related: Argus Media: China to apply bunker fuel tax rebates from 1 February 2020
Related: Sinopec Maoming Company announces first LSFO bunker cargo

Photo credit: Manifold Times
Published: 1 April, 2020