China issues first batch of oil product import quotas at 12.65 mil mt for 2022

China's Ministry of Commerce has issued 12.65 million mt of oil product import quotas in the first batch for 2022, sources with knowledge about the matter said on Dec. 30.

The allocation covers gasoline, gasoil, VGO, naphtha, aviation gasoline and jet fuel to 10 state-owned oil companies and private petrochemical plants.

About 80% or 10.09 million mt of the total allocation goes to naphtha, which petrochemical plants need to import as feedstock.

The accurate allocation for 2021 was not immediately available to Platts. But sources with knowledge about the matter said the allocation is stable to higher on the year.

China imports oil products mainly for special fuels, such as racing car fuels, and to allow flexibility to meet urgent demand at home.

China's first batch oil product import quota ('000 mt)

* China National Aviation Fuel

^ Hainan Handi Fluid Materials

Source: Sources with knowledge about the matter