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China set to grant further import quotas to private refiners

Oil

China's oil industry association said on Thursday that the country is set to grant import quotas to a further four private refiners, Reuters reports. Annual quotas are expected to be granted to Tianhong Chemical (88K b/d), Shandong Shouguan Luqing Petrochemical Company (52K b/d), Shandong Chambroad Petrochemical Company (66K b/d) and one other firm. The government has recently begun opening up China's crude import market, which is dominated by state oil giants PetroChina and Sinopec, allowing smaller independent refiners to apply for import quotas as long as they meet certain conditions.