China awards second 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 35.24MT of crude oil import quotas in the second batch of allowances for 2021, which is a 35% decline compared to the same round last year, Reuters report. This decrease comes after China has recently looked to restrain the trading of import quotas to ease the existing fuel surplus in the country, as well as reduce emissions as part of the country’s wider climate goals. In total 39 companies will receive quotas within this second round, led by Hengli Petrochemical and Zhejiang Petrochemical Corp which have been issued with 3MT each.