Zhejiang Petroleum & Chemical Exported Its First Batch 163kt Refined Oil
In November, MOFCOM issued the third batch of refined oil export quotas in 2020, and therein, Zhejiang Petroleum & Chemical was awarded with 1,000kt refined oil export quotas via general trade.
Source said that Zhejiang Petroleum & Chemical has confirmed its first refined oil export transaction including three tankers, with the total refined oil export volume at 163kt. On December 6, the first tanker loaded with around 37kt 92Ron gasoline produced by Zhejiang Petroleum & Chemical left Zhoushan Port for Singapore. Moreover, Zhejiang Petroleum & Chemical is now active in preparing its second refined oil export transaction.
Currently, due to the impact of public health event and the overcapacity in China’s oil refining industry, the refined oil demand in China is still relatively weak, and participants mainly adopt a cautious attitude toward future market. The exports of refined oil at Zhejiang Petroleum & Chemical will ease the oversupply in the refined oil market and boost its own profits. SCI reckons that in 2021, Zhejiang Petroleum & Chemical is likely to be awarded with more refined oil export quotas.
