China Allows Refiners to Export 40% Less Fuel Than a Year Ago [Business News Network (BNN) (Canada)]
China Petroleum & Chemical Corporation (SNP)
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cnpc.com.cn/en
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Source: Business News Network
Some 5 million tons of diesel, gasoline and jet fuel quotas were awarded, according to refinery executives who received preliminary notices from the Ministry of Commerce and a note from local consultant OilChem. The executives asked not to be identified because they aren't authorized to speak to media. The commerce ministry didn't immediately reply to a fax seeking comment. That takes issuance in 2022 to 22.5 million tons, compared with 37 million tons for the same period last year. Beijing controls how much fuel both state-owned and private refiners can export, and has been seeking to limit shipments as part of efforts to reduce pollution and consolidate the sector. See also: Massive Oil Refining Capacity Idle in China as Prices Soar A large chunk of China's refining capacity is currently not being used as the economy recovers from virus lockdowns. The latest issuance shows Beijing isn't interested in ramping up exports to meet surging demand from fuel-starved global markets
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