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China issues 1.5 MMt of crude oil import quotas to 3 independent refiners

December 06/2017

MOSCOW (MRC) -- China has issued crude oil import quotas of 1.5 MMt to three independent refiners, three sources familiar with the situation said, the latest sign Beijing is easing its policy towards these companies sometimes known as teapots, reported Reuters.

Shandong Qingyishan Petrochemical Technology Co was granted a quota of 800 Mt, Zibo Xintai Petrochemical Co was given 500 Mt and Shandong Yuhuang Shengshi Chemical Co a quota of 200 Mt, the sources said, citing a Ministry of Commerce notice. They declined to be identified as they are not authorised to speak to the press.

As MRC informed earlier, in late November 2017, a newly formed group of China's independent oil refiners filed an application with the country's Ministry of Commerce on Wednesday for fuel export quotas next year.

The government has excluded independent plants this year from exporting refined fuel, having granted quotas only to state refiners. In September, a group of six independent oil refiners set up the USD5 B joint venture, named the Shandong Refining & Chemical Group, to compete with the state-owned oil companies and privately owned chemical companies.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, China.
Category:General News
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