China grants second batch 2018 fuel export quotas under general trade category
China issued a total of 19.33 million tonnes of refined fuel export quotas under the general trade category, all to state-run firms, in the second batch of quotas issued this year, according to three sources with direct knowledge of the grants, Reuters reports.
Top state refiner Sinopec was allotted the largest amount at 8.23 million tonnes, followed by China National Petroleum Corp (CNPC), which was granted 6.67 million tonnes, Sinochem Corp at 2.3 million tonnes and CNOOC with 2.03 million tonnes, the sources said.
China National Aviation Fuel Corp, or CNAF, was granted a 100,000 tonne quota for aviation fuel exports, they said.
The second batch came after Reuters reported that China was expected to issue a total of 20 million tonnes of fuel quotas for the rest of 2018.
The country will also soon release a small export quota under a tolling trading scheme, traders said.
Under the general trade category, refiners get tax refunds after exports are completed or get a tax waiver on fuel exports, a policy introduced by Beijing in 2016.
The Commerce Ministry did not respond to a Reuters inquiry for comment.