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China Approves 15m Ton Fuel Export Quota

OIL PRODUCTS

China has approved a 15m ton fuel export quota according to JLC.

  • Companies receiving allocations are PetroChina 4m tons, Sinopec 5.6m tons, CNOOC 2.4m tons, Sinochem 2.4m tons and ZPC 600k tons
  • The allocations may include low-sulfur bunker fuel which are usually issued in separate allocations.
  • This extra quota will bring 2022 exports up to 39m tons compared to 38.6mtons in 2021.
  • The additional export quota will help as China attempts to revive the economy following covid restrictions this year. China has recently controlled the amount refiners can export to reduce pollution and help consolidate the sector.

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