China Daily Oil Summary: Yulong Refinery to Import Crude Directly

China’s new 400,000 bpd mega refinery in Yulong has received government approval to import crude oil directly in 2024 according to Bloomberg sources.

• An 8.3m ton quota has been granted by the Ministry of Commerce.
• China’s refined oil exports hit 3.3m mt in March, based on shipping schedules cited by OilChem, up 6.45% on the month. March exports were made up of 1.11m mt of gasoline, 1.28m mt of gasoil, and 0.91m mt of jet fuel/kerosene.
• Independent refineries in China increased their feedstock imports by 13.3% m/m in March to a seven-month high of 17.4 million mt (127.54 million barrels) according to Platts figures. The feedstock imports for independent refineries in March included crude, fuel oil and bitumen blend.
• POLICY: China passenger vehicles’ export volume set a record in March as the impact of the Red Sea crisis diminishes, the China Passenger Car Association said.
• FROM THE PRESS: China remains confident the economy can maintain sustained healthy development despite an uncertain external environment and economic operational problems, according to Li Qiang, premier of China.
• China wants to strengthen coordination with all parties over concerns of overcapacity and it will continue to communicate on this with the U.S. at the working group level, said Vice Finance Minister Liao Min on Monday during a media briefing on U.S. Treasury Secretary Yellen’s visit to China.