China’s independent refiners get import quotas close to annual ceiling

28 Dec 2017   China

China’s independent refineries have received their first round of crude import allocations with volumes close to their annual ceiling, a move that will allow them to better pace their imports through the year and bring more efficiency to their crude buying. First round allocation up 76.6% on year Most refiners get allocations of at least 90% of ceiling ChemChina’s allocation hits new high The Ministry of Commerce on Wednesday allocated a total 114.59 million mt (2.3 million b/d) of crude imports to 34 refiners, up 76.6% from 64.88 million mt for 21 refiners awarded in the same batch of 2017, a document available to S&P Global Platts showed. In addition to the 34 independent refineries, 10 trading companies — nine state-owned and one independent — have received quotas of around 6.73 million mt. The trading companies’ imports will be mostly sold to the state-owned oil giants Sinopec, PetroChina, CNOOC […]

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