Asia/Pacific News
China: First Bunker Fuel Export Quotas Issued
Chinese export quotas amount to 5 million metric tonnes (mt) of low sulfur marine fuel in the first release for 2021.
Citing market sources, news agency Reuters said that the issue has been allocated to four state-run companies (Sinopec, CNPC, CNOOC, Sinochem) and one privately owned entity (Zhejiang Petrochemical Corp).
State refiners Sinopec and CNPC won a combined total of nearly 3.9 million mt of quotas while private refiner ZPC, based in China's bunker fuel hub Zhoushan on the east coast, said it had won 390,000 mt.
China issued a total of 10 million mt of very low sulfur fuel oil quotas for 2020 to the same group of companies, according to the report.
As well as exports, refiners also imported cheaper supplies from sources lsuch as Singapore and the Middle East for bunker sales to ships calling at Chinese ports, the report added citing traders.
