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China’s Sinopec Seeks Quota Swap to Boost Diesel Exports


China’s Sinopec has applied to the government to swap some marine fuel export quota to export more distillates and gasoline, according to Reuters sources.

  • Sinopec, Asia’s largest refiner, wants to swap 0.8m mt of its 3m mt fuel oil quota in exchange for diesel, jet fuel, and gasoline.
  • It is thought that the additional distillate products will be used for exports, as current prices on the domestic market are more profitable than domestically.
  • In the last batch of quotas in September, China assigned 39.99m mt of clean product exports for 2023, up 7% on 2022 levels.

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