2020 China 3rd Batch Refined Oil Export Quotas Covering Zhejiang Petroleum Company
According to sources with the knowledge that the third batch of refined oil export quotas for 2020 were issued recently.
Zhejiang Petroleum Company finally got refined oil export quotas in the third batch for 2020. In December 2019, governments announced to support private companies to participant in crude oil imports and refined oil exports. And in July 2020, Zhejiang Petroleum & Chemical was awarded the license for refined oil exports. By now, Zhejiang Petroleum Company becomes China’s first private company with refined oil export quotas. Meanwhile, the fuel export of NORINCO will be made by state-owned trading companies.
In 2020, according to SCI, China’s oil refining capacity has reached 954 million mt/a, up 5.52% on a year-on-year basis. And SCI predicts that China’s oil refining capacity will reach over 1,000 million mt/a in 2021. With the start-up of large refining and chemical complexes, China’s refined oil output is predicted to reach over 455 million mt in 2025. Therefore, China will have more and more oversupplies of refined oil.
