DetailArticle

LATEST

WTI Brent Shengli Dubai Dtd Brent OPEC

China 1st Batch of Crude Oil Import Quota in 2018 totaled 121.32 million mt

JLC December 28 , 2017 Parisa

    The first batch of crude import quota for non-state-owned trade in 2018 has been released by the end of 2017, with the total number reading 121.32 million mt, up 52.51 million mt YoY or 76%, accounting for over 85% of 2018’s total annual import quota of 142.42 million mt released by MoC. Independent refineries’ volume totaled 90.45 million mt, accounting for 74.55% of the total first batch of quota, showing that independent refineries have become the main force for the non-state-owned trade crude imports. Meanwhile, ChemChina and North Huajin Chemical’s quotas are very high, reaching 16.67 million mt and 7.47 million mt respectively, up 4.44 million mt and 260,000 mt YoY.


    Dongming Petrochemical, Panjin North Asphalt Fuel Refinery, Kenli Petrochemical, Lijin Petrochemical, Tianhong Chemical, Yatong Petrochemical’s quotas did not change too much from last year, with the growth rate ranging around 3%-11%.


    However, many independent refineries’ 1st batch of quota in 2018 increased by 1 to 3 times of last year as they used up their quotas in advance in 2017, such as Wonfull Petrochemical, Chambroad Petrochemicals, Haiyou Petrochemical and Qingyuan Petrochemical etc. In particularly, Haiyou Petrochemical’s quota increased by over 6 times of last year.


    Beside, 11 independent refineries’ annual quota has all been released, including Hongrun Petrochemical, Yanchang Petroleum, Jinao (Hubei) Science & Technology Chemical, Rizhao Landbridge Petrochemical, Shandong Qicheng Chemical, Dongfang Hualong etc.


    Most independent refineries’ released quota accounted for over 70% of their total annual quota, which means that the volume of the 2nd batch of crude import quota will be limited. However, some newly approved refineries may acquire some supplemental quotas. Therefore, the total import quota for non-state-owned trade in 2018 is expected to exceed the number that released by MoC before.


    Dongming Petrochemical was the first independent refinery who acquired the crude import quota on May 28th, 2015, and total 32 independent refineries have acquired the import quota by now, with the number reading 101.69 million mt. Independent refineries are getting more attention from the international energy market after two years development, as their import operations are getting better and the supporting facilities are constantly improved. At the same time, China government are also getting stricter on managing and inspecting independent refineries to make sure that they are using the imported crude rationally.


    On the other hand, some independent refineries’ quotas are cut greatly as their quotas were not completed very well.

In 2017, those independent refineries who acquired quotas imported crude actively, and they kept over 60% run rate in the whole year in order to increase the overall crude runs, with the number even broke 70% by the end of 2017. According to JLC, the proportion of processing imported crude oil in Shandong’s 41 scaled independent refineries will increase above 70%.


 

News   Price   Data   Report Consulting   Events

Recommend Reports

Recommend Data