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.
Photo credit: Manifold Times
Published: 1 April, 2020
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
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