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China's first batch of 2021 fuel export quotas up 5.4% on yr - trade, exchange blog

Reuters SG
·1-min read

SINGAPORE, Dec 28 (Reuters) - China has issued its first batch of 2021 quotas for exports of refined fuel totalling 29.5 million tonnes to seven firms, including a private refiner, according to the blog of a state-run energy exchange and one of the recipient companies.

That volume is 5.4% higher than the quota of 27.99 million tonnes in the first issue of 2020.

The recipients are CNPC, Sinopec, CNOOC, Sinochem, China National Aviation Oil Company, defence conglomerate Norinco and private refiner Zhejiang Petrochemical Corp, 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.

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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. (Reporting by Chen Aizhu in Singapore; Additional reporting by Min Zhang in Beijing; Editing by Clarence Fernandez)