China issues crude oil import quota for private refiners


China has issued additional crude oil import quotas of 4.31 million tonnes to seven independent refiners to be used for 2019, two sources with knowledge of the matter said.

The new quotas are the top-up volumes for the first batch of 2019 quotas that were granted at the start of the year of 89.84 million tonnes.

Five of the seven refineries are located in the eastern province of Shandong, the hub for Chinese independent oil processors.

The sixth plant is Jiangsu Xinhai, based in the eastern coastal province of Jiangsu, at 1.09 million tonnes

The seventh plant granted a quota is Dragon Aromatics (Zhangzhou), a private petrochemical producer based in the southern province of Fujian, at 600,000 tonnes, said the second source.

China’sMinistry of Commerce did not respond to a request for comment.

China in the first quarter of this year imported a record 121.2 million tonnes crude oil, or 9.83 million barrels per day, 8.2 percent more than a year earlier.

Independent plants import roughly 20 percent of the country’s total crude oil intake.

Source from : Reuters