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Chinese Ministry of Commerce approves first export quota for oil products for 2019; quota continues increasing

2019/01/18 12:00

The Chinese government approved export quota of petroleum products for a total of 21.50 mil mt at the beginning of 2019. The volume exceeds the previous year’s level by 1.50 mil mt. The export quota was 13.00 mil mt in 2017. The export volume is increasing due to start-up of new refineries and a supply glut in China. The quota (general trade and processing trade) was allotted to PetroChina for a total of 6.79 mil mt, China Petroleum & Chemical Corp (Sinopec) for 10.60 mil mt, China National Offshore Oil Corp (CNOOC) for 1.90 mil mt, Sinochem for 2.21 mil mt. General trade accounts for 85% of the total and processing trade 15%.

 

The export quota for jet fuel and gas oil each increased by 1.09 ml mt while that for gasoline decreased by 1.38 mil mt from the first quota in 2018. In China, refineries have recently been constructing and improving secondary facilities to expand production of high-value products such as jet fuel. Meanwhile, since refining margins of gasoline worsened to a record low since October 2018, oil companies might have reduced the volume in their application for export quota. Refining margins of gasoline to Dubai crude oil remained low at about $1.00.

 

 

  

 

 

 

 

 



 

 

 

 

 

 

 

    The first quota

Processing-Trade

Products

PetroChina

Sinopec

CNOOC

Sinochem

Cao

Total

Gasoline

1

5

 

6

Kerosine

64

210

6

8

 

288

Gas oil

5

15

 

20

Total

 

70

230

6

      8

 

314

General         -Trade

Gasoline

299

65

63

92

 

519

Kerosine

96

290

47

14

 

447

Gas oil

214

475

74

107

 

870

 

Total

 

609

830

184

213

 

1,836

Unit:1,0000MT

 

    The first quota

Processing-Trade

Products

PetroChina

Sinopec

CNOOC

Sinochem

Cao

Total

Gasoline

4

4

 

8

Kerosine

76

270

10

 

356

Gas oil

12

 

12

Total

 

80

286

10

 

 

376

General         -Trade

Gasoline

356

126

76

97

 

655

Kerosine

34

200

35

1

 

270

Gas oil

185

348

64

102

 

699

 

Total

 

575

674

175

200

 

1,624

Unit:1,0000MT

 

 

 

 

 

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