UPDATE 3-China's private chemical giant Hengli wins approval for crude oil quota [Reuters]
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Source: Reuters
UPDATE 3-China's private chemical giant Hengli wins approval for crude oil quota | Reuters Reuters Staff 4 Min Read * Hengli to start trial runs at 400,000-bpd refinery in Oct * Plant aims to buy Saudi crude oil -sources * Hengli has applied for fuel export quota -sources * Could pose challenge to smaller independent plants (Adds analyst comment; source comment on domestic fuel marketing) By Meng Meng and Chen Aizhu BEIJING, April 20 (Reuters) - Chinese private chemical producer Hengli Group has won state approval to import 400,000 barrels per day (bpd) crude oil, the largest quota ever for a private refiner, as it challenges the country’s smaller independent plants in an oversupplied Chinese fuel market. The group’s listed unit Hengli Petrochemical said in an exchange filing late on Thursday that the National Development and Reform Commission (NDRC), the state economic planner, had approved the quota. The firm aims to start trial runs in October at a newly built refinery in the north
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