Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » China adds 15 million tons to 2023 fuel-export quotas in third batch

    China adds 15 million tons to 2023 fuel-export quotas in third batch

    September 4, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China.

    – 12 million metric ton quota for refined fuel product exports
    – 3-million-ton quota for marine fuel exports
    – Total quotas for 2023 stand at 53.99 million tons
    – Large state-owned refiners account for 91.6% of total

    Beijing — China has issued 15 million metric tons of oil products export quotas to companies in its third batch for 2023, according to three trading sources and two domestic consultancies.

    The volume consists of 12 million tons of refined products quotas, made up of kerosene, diesel and gasoline exports, and 3 million tons of marine fuel, the sources said.

    The quotas were allotted to Sinopec, PetroChina, CNOOC, Sinochem Group, China Aviation Oil Co, Zhejiang Petrochemical Co and Norinco, China-based consultancies Longzhong and JLC said.

    The new issue brings the total volume of oil product export quotas this year to 53.99 million tons, up from 34.75 million issued in the same period last year.

    Previous batches this year comprised 12 million tons in May and 26.99 million in January.

    State-owned Sinopec, PetroChina, CNOOC and Sinochem Group were the main recipients of the quotas, taking 91.6% of the allocation across refined fuel products and marine fuel, according to a calculation by Reuters.

    Zhejiang Petrochemical Co, China’s largest private refiner, received a total of 1.06 million tons, according to a filing released by its parent company, Rongsheng Petrochemical, on the Shenzhen stock exchange.

    Sinopec, PetroChina and Sinochem did not immediately respond to requests for comment.

    Representatives for CNOOC stated that the export of refined products was not part of the group’s main business activities.

    The Ministry of Commerce did not immediately respond to a faxed request for comment.

    Market participants had initially expected the announcement of the quotas in the first half of August.

    “Given the longer wait and rumours of quotas hitting between 10 million and 20 million tons, this final figure is pretty within expectations and on the lower end of range,” said Vortexa’s China oil analyst Emma Li.

    The slightly later timing of this third batch of quotas suggested that more surprises in the remainder of the year were unlikely, she added.

    The volumes for each refiner will be unlikely to have exact product splits, allowing them to maximise profits by trading whichever fuel is most profitable at any time, two China-based trading sources said.

    *Trixie Yap & Aizhu Chen, & Andrew Hayley; Editing: Clarence Fernandez & Tom Hogue – Reuters

    Follow us on twitter

    Related News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Crude climbs on US jobs report, China talks

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.