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China Should Maintain Fuel Export Quotas: Sinopec Official

OIL PRODUCTS

Fuel exports should be maintained at a high, steady level this year according to Wang Baisen an official at Sinopec Group’s Tianjin refining unit and delegate to the advisory body CPPCC.

  • Wang proposed that a similar arrangement for higher fuel-export quotas this year like 4Q last year which were introduced to support the economy and trade growth. Maintaining exports would elevate run rates and tap demand from both domestic and overseas markets.
  • Approximately 30% of overall refining capacity was idled due to declining export quotas in recent years and expanding capacity.
  • Headline oil-refining capacity increased to 940m tons/yr but with processing volume only around 650m tons.
  • Chinese clean product quotas were estimated to rise to 40m tons for 2023, +16% y/y but flat to 2021 according to Energy Aspects earlier this year. China planned 7.6m tons of fuel exports in January and February, up from 4.07m tons the previous year according to JLC last month.
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