China issues 5 million tonnes of fuel export quotas - sources [Reuters]
China Petroleum & Chemical Corporation (SNP)
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Source: Reuters
would allow refiners to cash out solid exports margins and help ease tight fuel supply in global market. The new quotas, which were issued earlier than expected, will bring the total refined fuel export quotas this year to 22.5 million tonnes, 39% lower than the same allotments last year. Advertisement · Scroll to continue Seven companies, including China National Petroleum Corp, China Petroleum & Chemical Corp (Sinopec), China National Offshore Oil Corp (CNOOC), Sinochem Holdings, China National Aviation Fuel, Zhejiang Petroleum & Chemical Co (ZPC) and China North Industries Group Corp (Norinco), have been granted the new quotas, the sources said. Chinese refiners have been lobbying Beijing to increase export quotas to benefit from record-high fuel prices in Asia and improve their balance sheets amid soaring crude oil prices. Advertisement · Scroll to continue Retail gasoline and diesel prices in China are capped by a pricing system that moves prices modestly once global
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