China issues more export quotas for gasoline, jet fuel and diesel
China has issued 8.395 MM metric tons (t) of export quotas for gasoline, jet fuel and diesel in its third batch of allowances this year, trade sources said. That was slightly higher than the 8 MMt issued for last year's third batch of export quotas.
Official quotas issued for the year for these three products to date come to 40.195 MMt, in line with 41 MMt a year ago.
State oil majors Sinopec and CNPC were given a combined allowance of around 6.05 MMt, or 60% of the third batch, the sources said. Private refiner Zhejiang Petrochemical was allotted up to 620,000 t, they added.
The country manages its oil products exports via a quota system to ensure sufficient supplies for the local market.
For low-sulfur marine fuel, Sinopec was the sole company to gain an allowance in this batch, receiving 700,000 t, the sources said, lower than the 1 MMt issued a year ago. This brings the total quota issuance for low-sulfur fuel oil to 13.9 MMt so far this year, up from 13 million tons a year earlier.
Separately, at the end of July, several Chinese majors received approval to switch quotas received in the second batch between the two categories of fuels to maximize their export margins, trade sources said.
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