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China to grant fuel export quotas to non-state refineries in Zhejiang free trade zone

April 02/2020

MOSCOW (MRC) -- China will grant export quotas for refined oil products to non-state refineries in the Zhejiang pilot free trade zone, the countrys state council said in a statement, as per Reuters.

Fuel export quotas have only been granted to state-backed oil firms in the past. However, the statement did not specify any volume or timeframe in the new policy.

The state council statement also said it will study raising export rebates for low-sulphur bunker fuel and allow companies to carry out bonded oil blending within the free trade zone for the supply of clean marine fuel.

It also said it would bring in foreign exchanges, including New York, London, Singapore and Dubai, as strategic investors into the free trade zone, but did not give details.

As MRC informed earlier, Zhejiang Petrochemical Co Ltd (ZPC) has successfully started up its high density polyethylene (HDPE) plant since last week. Based in Zhejiang, China, the petrochemical complex consists of 450,000 tosn/year of HDPE, 400,000 tons/year of linear low density polyethylene (LLDPE) and two polypropylene (PP) plants with combined production capacity of 900,000 tons/year.

As MRC informed before, on 30 December 2019, Zhejiang Petrochemical Co Ltd started up its ethylene cracker. Based in Zhejiang, China, the cracker is able to produce 1.4 million tons/year of ethylene.
Author:Anna Larionova
Tags:petroleum products, crude oil, PE, LLDPE, LDPE, HDPE, Zhejiang Petrochemical.
Category:General News
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