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    Home » China’s first batch of 2021 fuel export quotas rise 5.4% y/y – trade, exchange blog

    China’s first batch of 2021 fuel export quotas rise 5.4% y/y – trade, exchange blog

    December 28, 2020
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    *Three dimensional map of China in Chinese flag colors.

    Singapore — China has raised quotas for refined fuel export volumes by

    5.4% year-on-year in its first batch of 2021 to seven firms, including 
    a private refiner, according to a state-run energy exchange's blog and one 
    of the recipient companies. 
    
    The country's quota for the first issue of 2021 totaled 29.5 million tonnes, compared to 27.99 million tonnes in the
    first issue of the year-ago period.    
        
    Beijing normally issues three or more batches of quotas for fuel exports 
    during a year. For 2020, a total of nearly 59 million tones of quotas were 
    issued.
        
    The recipients for the fresh quotas are CNPC, Sinopec, CNOOC, Sinochem, 
    China National Aviation Oil Company, defence conglomerate Norinco and 
    private refiner Zhejiang Petrochemical Corp (ZPC), the official blog of 
    state-run Shanghai Petroleum and Natural Gas Exchange showed.
    Its posting cited domestic consultancy JLC, which confirmed the details to 
    Reuters and has often proved correct in reports of such decisions in the 
    past.
        
    Separately, an executive with one of the firms confirmed the quota issue. 
        
    The commerce ministry, which issues the quotas, did not immediately respond 
    to a request for comment.
        
    The general trade category accounted for 26.17 million tonnes of the quotas,
    while 3.33 million tonnes fell under processing or tolling schemes. 
        
    Companies get a tax refund for general trade deals once exports are 
    completed, while tolling arrangements receive a tax waiver. 
        
    The quota issues did not give the breakdowns by products, which normally 
    cover diesel, gasoline and aviation fuel. China issues separate quotas for 
    low-sulphur marine fuel. 
        
    East China Zhoushan-based ZPC, which by far operates the country's 
    single-largest refining capacity of 600,000 barrels per day, was allotted 
    two million tonnes of quotas, the only private refiner allowed to export 
    fuel.

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