China has released 17.06 million tonnes of oil products export quotas to state-run firms under the first batch of 2023 quotas, versus the 13 million tonnes allotted a year earlier, according to two Chinese commodities consultancies on Tuesday.
The higher volumes of quotas, that cover mostly gasoline, diesel and jet fuel, followed a sizable issuance of 13.25 million tonnes in September as the Chinese government rushed to shore up its faltering economy by encouraging refiners to step up operation and to benefit from the robust export profits.
The new quotas were issued to state-run Sinopec, China National Petroleum Corp, China National Offshore Oil Company and Sinochem Group, consultancies JLC and Longzhong reported.
The government could top up with more quotas for other recipients such as privately controlled Zhejiang Petrochemical Corp and a refinery subsidiary of state defense conglomerate Norinco, JLC added.
Source: Reuters (Reporting by Chen Aizhu, Muyu Xu and Trixie Yap; Editing by Himani Sarkar)
