Skip to Content

Tuesday, February 25th, 2020

China issues 2018 crude oil import quotas of 121.32 mln T

by December 28, 2017 General

China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in 2018, according to a source with direct knowledge of the matter and documents reviewed by Reuters on Thursday.

State-owned ChemChina has the largest quota at 16.67 million tonnes, followed by North Huajin Chemical Industries Group with 7.47 million tonnes, the documents showed.

China’s imports are expected to hit another record in 2018 as new capacity is brought online and Beijing allows more independent refiners to import crude, with robust demand growth helping to support global oil prices.

The total allocated volume, which equates to 2.43 million barrels per day, is lower than the 142.42 million tonnes announced by the Ministry of Commerce in November for 2018.

The ministry said then that the quotas will be issued in batches, with the first lot based on companies’ actual purchases during the January to October period this year.

The ministry could not be immediately reached for comment.

Beijing could also allocate more quotas to two new refineries built by Dalian Hengli Petrochemical and Zhejiang Rongsheng when they come on line next year, Chinese trade sources said.

Among independent refiners, Haiyou Chemical’s allocation in 2018 tripled from this year while Shandong Wonfull Petrochemical’s quota nearly doubled, according to Reuters data. Chambroad Petrochemical, Baota Petrochemical and Sinochem Hongrun can also import more crude next year.

State oil companies and their refining and trading subsidiaries will have a quarter of the crude import quotas for 2018, the documents showed.

The quotas do not apply to China’s five major state-owned oil companies such as PetroChina and Sinopec, which are allowed to import crude freely.

    China's crude import quota in 2018
 Company                                     2018
 Dongming Petrochemical                      6750
 Panjin Beifang Asphalt Fuel                 6300
 Sinochem Hongrun                            5300
 Lijin Petrochemical                         3150
 Kenli Petrochemical                         2270
 Baota Petrochemical                         1080
 Yatong Petrochemical                        2480
 Wonfull Petrochemical (Huifeng)             4160
 Shouguang Luqing Petrochemical              2320
 Tianhong Chemical                           3960
 Chambroad Petrochemical (Jingbo)            2980
 Qirun Chemical                              1980
 Haiyou Petrochemical                        3200
 Hengyuan Petrochemical                      3150
 Wudi Xinyue Chemical                        1920
 Qingyuan Group                              3640
 Shenchi Chemical                            2270
 Jincheng Petrochemical                      2700
 Hebei Xinhai Chemical                       3350
 Shandong Zhonghai Fine Chemical             1860
 Shaanxi Yanchang Petroleum Group            3600
 Jinao Science and Technology Hubei          2300
 Henan Fengli Petrochemical                  2000
 Zibo Xintai Petrochemical                   2000
 Shandong Qingyishan Petrochemical           3000
 Yuhuang Shengshi Chemical Co                1440
 Dongfang Hualong Group                      3000
 Shandong Qicheng Petrochemical Co           1600
 Shandong Shengxing Chemical Co              2200
 Haike Chemical Group                        1890
 Rizhao Landbridge Port Petrochemical Co     1800
 Dalian Jinyuan Petrochemical Co              800
 PetroChina International                    1490
 PetroChina International Guangxi Co          570
 PetroChina International Horgas Co           800
 PetroChina International Alashankou Co       580
 Sinopec International Petroleum              800
 Exploration & Production Corp            
 Sinopec Zhanjiang Dongxing                  1310
 Petrochemical Co                         
 Fujian Refining & Petrochemical Co           120
 CNOOC Beijing Trading Co                     620
 North Huajin Chemical Industries Group      7470
 Zhenhua Oil                                   80
 ChemChina                                  16670
 Huayue Group                                 360
 Total                                     121320
    Unit: 1000 tonnes
    Source: trade

Source: Reuters (Reporting by Florence Tan in SINGAPORE; Additional reporting by Meng Meng in BEIJING; Editing by Tom Hogue and Richard Pullin)