China has issued a fourth batch of 2023 crude oil import quotas, raising the volume for the year to 203.64 million metric tons, three refinery sources with direct knowledge of the issue said on Saturday.
That is up 14% from last year’s 179 million tons.
Fourteen companies, mostly independent refiners, are receiving 9.54 million tons in the latest quota allotment, the sources said.
China’s Ministry of Commerce did not immediately respond to a faxed request for comment.
Large independent refiner Hengli Petrochemical 600346.SS was granted 3 million tons, while Huajin Chemical, a unit of defence conglomerate Norinco, got 1.24 million tons, the sources said.
The rest of the quotas were allotted to smaller independent refiners, known as teapots, predominantly in the eastern province of Shandong.
This year’s total included an odd batch of 20 million tons released in October 2022 in advance for 2023.
China’s independent refiners have made extensive purchases of discounted shipments from Russia, Iran and Venezuela that allowed them to raise refinery throughput and facilitated the country’s higher exports of diesel and gasoline to capture robust export margins.
Source: Hellenic Shipping News
