China awards first round of non-state oil import quotas for 2021

Oil

China’s Ministry of Commerce has issued the nation’s privately owned oil companies with a total of 122.59MT crude oil import quotas for the initial period of 2021, which is an increase of 18.76MT (or 18%) compared to the same round of quotas last year, Reuters report. This increase comes as several new non-state refining facilities have been brought online since the first batch for 2020 were awarded, increasing overall refinery capacity. Both Hengli Petrochemical and Zhejiang Petrochemical Corp have been issued with the largest quotas for the period at 14MT each.