BEIJING : China has decreased its second batch of export quota volumes for refined oil products, consultancies and trader sources said on Thursday, focusing on local demand during the refinery overhaul season and boosting domestic sales amid poor export margins. The export volumes, comprising 9 million to
BEIJING : China has decreased its second batch of export quota volumes for refined oil products, consultancies and trader sources said on Thursday, focusing on local demand during the refinery overhaul season and boosting domestic sales amid poor export margins.
China Petrochemical Corp , China National Petroleum Corp, China National Offshore Oil Company and Sinochem Group were the main recipients of these quotas, taking around 92 per cent of the total allocation.In addition, private refiner Zhejiang Petrochemical Corp, a refinery subsidiary of state defence conglomerate Norinco and China National Aviation Fuel Company were assigned 1.01 million tonnes.The quota was less than the first batch of 18.
China's gasoline and diesel export volumes have fallen for three consecutive months as refiners kept more cargoes for the domestic market where they are earning better profit margins, despite overall slow domestic demand growth. Longzhong estimated refiners could lose about 482 yuan a tonne on gasoline exports and 734 yuan a tonne on diesel exports in the current market.
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