Crude Oil
November 26, 2025
Beijing issues additional 10 mil mt crude import quota to independent refiners for 2025
HIGHLIGHTS
Shenghong receives 120,000 mt, below market expectation
Hengli secures 2 mil mt, ZPC obtains 750,000 mt
Shandong refiners applied for 10% of their annual quota limits
Beijing has released an additional quota of about 10 million mt to qualified independent refineries for crude imports in 2025, multiple industry sources told Platts, part of S&P Global Energy, on Nov. 26.
About 5.65 million mt of the allocation was confirmed by sources close to the matter.
The private mega-refiner Shenghong Petrochemical in Jiangsu province received 120,000 mt, significantly below the market expectation of 500,000 mt, according to the sources. Another 230,000 mt was allocated to Jiangsu Xinhai Petrochemical in the province.
Platts reported on Nov. 21 that Beijing had approved an additional batch of crude import quotas for dozens of independent refineries, which must be utilized by 2025.
According to the sources, Hengli Petrochemical in Liaoning province received 2 million mt, which was also below the expected 3 million mt. Meanwhile, Zhejiang-based Zhejiang Petroleum & Chemical was allocated 750,000 mt, in line with market estimates.
However, applicants in Shandong, home to China's small independent refineries, told Platts that their additional quota volumes had not yet been made available.
Qualified refiners in Shandong have generally applied for about 10% of their annual quota limits, according to the applicants.
The applicants told Platts that quotas will soon be available to several Shandong-based refiners, including 300,000 mt for Chambroad Petrochemical, 120,000 mt for Shenchi Petrochemical, 200,000 mt for Shengxing Petrochemical, 350,000 mt for Lijin Petrochemical, 300,000 mt for Jincheng Petrochemical, 530,000 mt for Hongrun Petrochemical and 750,000 mt for Dongming Petrochemical.
The new quota allocation is expected to boost the country's crude imports from the independent sector for the remainder of 2025, according to analysts and the applicants.
China's independent refineries, along with state-run Yanchang Petrochemical and North Huajin, are subject to annual crude import quotas set by the government.
Editor: