July 24, 2019 / 10:56 AM / 4 months ago

UPDATE 1-China raises 2019 oil product export quota volumes from last year

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BEIJING/SINGAPORE, July 24 (Reuters) - China issued its third batch of export quotas for refined oil products for 2019, totalling 6 million tonnes, three traders told Reuters on Wednesday.

The new batch raises the total export quotas for refined oil products to 48.15 million tonnes in 2019. That compares to 43 million tonnes through the same period last year.

In the second batch of quotas issued in May, China granted rights to export 23.79 million tonnes of oil products.

The quotas for the third batch were granted to four state-owned companies, with Sinopec receiving 2.78 million tonnes, PetroChina Co at 2.02 million tonnes, Sinochem Group at 600,000 tonnes and CNOOC Group at 600,000 tonnes.

The traders did not provide a breakdown of the quotas by fuel type.

China exported 32.52 million tonnes of refined oil products, including gasoline, diesel, kerosene and other fuel oil, in the first half of this year, up 7.3% from the same period last year, according to data from the General Administration of Customs.

Private firms such as Rongsheng Petrochemicals Co and Hengli Petrochemical Co Ltd remain excluded from receiving the quotas.

Hengli owns a 400,000-barrels-per-day refinery and was trying to be China’s first private exporter of jet fuel as it expects to churn out 5 million tonnes, or about 40 million barrels, of refined products by the end of 2019.

Reporting by Muyu Xu in BEIJING, Koustav Samanta and Florence Tan in SINGAPORE; editing by Christian Schmollinger

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