China Q1 Bonded Bunker Sales Increased to 4.79 Million Tons
In the first quarter of 2021, Chinese refineries’ low sulfur bunker fuel output increased stably, mainly supported by more working days and profits. The refineries’ low sulfur bunker fuel output was around 2.22 million tons in the first quarter of 2021, up 1.14 million tons or 105% from the same period of 2020. The refineries’ low sulfur bunker output accounted for around 46% of the country’s bonded bunker supply volume. The increase in domestic output led to reductions in the country’s fuel oil import volume. In the first quarter of 20231, China’s fuel oil import volume was 2.665 million tons, down 1.023 million tons or 27.74% on a year-on-year basis.
China’s 2021 first batch of 5 million tons LSFO export quotas were released, down 50% from the first batch in 2020. The 2021 first batch of LSFO export quotas covered 2.4 million tons to Sinopec, 1.49 million tons to PetroChina, 0.4 million tons to CNOOC, 0.32 million tons to Sinochem and 0.39 million tons to ZPC. Currently, there are a total of 32 refineries in China producing LSFO, including 17 refineries under Sinopec, 11 refineries under PetroChina, 2 refineries under CNOOC and one refinery under Sinochem and one independent refinery. In the first quarter of 2021, Sinopec’s LSFO output covered around 66% of China’s total output, and PetroChina’s proportion was around 28%.
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