China’s state oil refiners seek higher fourth quarter fuel export quotas as margins surge: sources

31 Aug 2017   China

Site of an oil field is seen at sunset in Karamay, Xinjiang Uighur Autonomous Region, China, May 7, 2017. Picture taken May 7, 2017. Stringer BEIJING/SINGAPORE (Reuters) – China’s state-owned oil refiners are seeking extra oil-product export quotas for the fourth quarter to reap higher overseas profits and to offload surplus supplies, said three sources with knowledge of the matter on Thursday. Chinese state refiners submitted their requests to the Ministry of Commerce two weeks ago, requesting for extra quotas as some of them have used up most of their allocated volumes in August, the sources said. “We are requesting for quotas to export more jet fuel and gasoline to meet demand in other parts of the Asia,” said one of the sources, an official from a state refiner who declined to be named as he is not authorized to speak with the media. A ramp-up in Chinese fuel […]

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