(Adds details of quotas by companies)
SINGAPORE, Dec 28 (Reuters) - China has raised quotas for
refined fuel export volumes by 5.4% year-on-year in its first
batch of 2021 to seven firms, including a private refiner,
according to a state-run energy exchange's blog and one of the
recipient companies.
The country's quota for the first issue of 2021 totalled
29.5 million tonnes, compared to 27.99 million tonnes in the
first issue of the year-ago period.
Beijing normally issues three or more batches of quotas for
fuel exports during a year. For 2020, a total of nearly 59
million tones of quotas were issued.
The recipients for the fresh quotas are CNPC, Sinopec,
CNOOC, Sinochem, China National Aviation Oil Company, defence
conglomerate Norinco and private refiner Zhejiang Petrochemical
Corp (ZPC), the official blog of state-run Shanghai Petroleum
and Natural Gas Exchange showed.
Its posting cited domestic consultancy JLC, which confirmed
the details to Reuters and has often proved correct in reports
of such decisions in the past.
Separately, an executive with one of the firms confirmed the
quota issue.
The commerce ministry, which issues the quotas, did not
immediately respond to a request for comment.
The general trade category accounted for 26.17 million
tonnes of the quotas, while 3.33 million tonnes fell under
processing or tolling schemes.
Companies get a tax refund for general trade deals once
exports are completed, while tolling arrangements receive a tax
waiver.
The quota issues did not give the breakdowns by products,
which normally cover diesel, gasoline and aviation fuel. China
issues separate quotas for low-sulphur marine fuel.
East China Zhoushan-based ZPC, which by far operates the
country's single-largest refining capacity of 600,000 barrels
per day, was allotted two million tonnes of quotas, the only
private refiner allowed to export fuel.
Below lists the quota volumes to companies, in 1,000 metric
tonnes.
Company Quota volume
Sinopec 12070
CNPC 9810
CNOOC 2840
Sinochem 2600
CNAF 30
ZPC 2000
Norinco 150
(Reporting by Chen Aizhu in Singapore; Additional reporting by
Min Zhang in Beijing; Editing by Clarence Fernandez and Rashmi
Aich)
.Source
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