State-owned China Petroleum and Chemical Corporation, or Sinopec, plansto export around 270,000 mt of oil products from its 184,000 b/d (9.2 millionmt/year) Hainan refinery in southern China in March, a refinery source saidTuesday.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
The planned exports are 42% higher than 190,000 mt planned for February, S&P Global Platts calculations showed.
The March exports are expected to comprise around 60,000 mt of gasoline, 80,000 mt of jet fuel and 130,000 mt of gasoil, the source said.
Its exports in February comprised 40,000 mt of gasoline, 50,000 mt of jetfuel and 100,000 mt of gasoil, according to the source.
Sinopec Hainan plans to process 790,000 mt of crude oil in March, accounting for 101% of its total processing capacity, up from 88% planned for February.
The refinery's parent company, Sinopec, has been awarded the first round of oil product export quotas totaling 9.6 million mt for 2018 by the Ministry of Commerce -- 1.3 million mt of gasoline, 4.7 million mt of jet fuel, and 3.6million mt of gasoil -- up 58.7% year on year, Platts data showed.
Sinopec normally allocates export quotas to 13 of its refineries alongthe coastal areas.
China grants export quotas to qualified companies and refineries almost every quarter. Unused quotas can be rolled over to the following quarter but not to the following year.
--Edited by Geetha Narayanasamy, firstname.lastname@example.org