NEWS
Oil   Refining  

China Grants More Crude Oil Import Quotas to Refiners

China is allowing additional crude oil import quotas to predominantly private oil refiners in the world’s top oil importer, Reuters reported on Tuesday, citing a document it has seen.

The additional quotas for 33 private refiners and 10 government or province-run refiners allow those 43 refineries to import an additional 56.85 million tons of crude oil for the rest of this year, bringing the total volume of import quotas issued this year to 151 million tons, equivalent to 3.02 million barrels per day, according to Reuters calculations.

The biggest winner in the new import quotas was private chemical and refinery giant Hengli Petrochemical, which had launched a refinery earlier this year.

The total import quotas of 3 million bpd for this year equals one-third of total Chinese crude oil imports so far in 2019—at around 9.91 million bpd between January and May, according to Reuters estimates.

Independent refiners, also referred to as ‘teapots’, have been instrumental in China’s oil demand jump over the last four years, driving up global demand and directing oil price predictions from analysts and the oil industry.

The first batch of the import quotas for 2019 issued in January this year was for 20% lower volumes compared to the first batch of quotas last year, but analysts expected volumes to be higher in the following batches.

Last month, China agreed to grant crude oil import licenses to four independent refiners. This was the first round of import license awards for independent refiners since May last year, when Beijing granted licenses to a dozen teapots.

News No: 5017
Date: 2019/07/04 - 15:54
News Source: Financial Tribune

China  Crude Oil  Refiner  industry  Petrochemical 

Comments:

Leave a Comment:

   
   
   
 

China, UAE Sign Exploration, Refining Agreement

China National Offshore Oil Co (CNOOC) has signed an agreement with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas trade, ADNOC said on Monday.
 

IRENEX to hold 13th round of offering light crude oil on Tuesday

National Iranian Oil Company (NIOC) will offer two million barrels of light crude oil at Iran Energy Exchange (IRENEX) on Tuesday, IRNA reported.
 

Iran's refining capacity grows nearly 40% since March 2017

Head of National Iranian Oil Refining and Distribution Company (NIORDC) said Iran’s crude oil and gas condensate refining capacity has increased by 38.8 percent since 2017.
 

China hints at US farm purchases to end trade deadlock

Chinese companies are looking to buy agricultural products from the US, potentially giving a boost to stalled trade talks between the two countries.
 

China’s ferrous scrap prices rise to 2019 highs

China's ferrous scrap prices have risen to new 2019 highs, as high utilisation rates for electric arc furnaces (EAFs) and new restrictions on imports took effect from 1 July.
 

Silver-gold junior’s stock soars on boosted funding for Chile projects

Vancouver-based Aftermath Silver’s (TSX: AAG.H) stock was up over 20% Friday, after it announced it is increasing its non-brokered private placement from 18.7 million units to up to 25 million units at a price of C$0.08 cents per share.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners