BEIJING: China last week issued a second batch of oil product export quotas for this year, with volumes totaling 5.6 million mt, industry sources said.
This is around 43% lower than the 9.75 million mt of oil product export quotas awarded in the first quarter of this year, and slightly below the 5.97 million mt of quotas given out in Q2 2014.
China National Petroleum Corp. and Sinopec were awarded 1.45 million mt and 4 million mt worth of oil product export quotas, respectively, while China National Oil Corp. received 150,000 mt.
The state-owned companies seek export quotas for oil products from the government, based on their requirements, otherwise they would not be allowed to carry out the exports.
Additionally, they are allowed to request for their unused quota volumes to be converted to export quotas for another product, in the next quota distribution round.
These quotas are typically issued each quarter, with the unused quotas rolled over to the next quarter.
The latest quotas were approved by the Ministry of Commerce and General Administration of Customs in mid-April, according to sources.
The total jet fuel/kerosene export quotas given in the second round were 2.96 million mt, down 47% from 5.61 million mt in the first round this year, but it was still slightly higher than the 2.68 million mt awarded in the second round last year.
Sinopec received majority of the jet fuel export quotas in the latest round with 2.74 million mt, while CNPC received just 170,000 mt.
“The export profit of jet fuel is better than that of gasoil,” said a source with Dalian West Pacific Petrochemical Corp.
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