London — China's Ministry of Commerce has swapped the gasoline export quotas of some state-owned companies for other refined products like gasoil and jet fuel but kept the overall refined product quotas for this year unchanged, Beijing-based sources with knowledge of the matter said Wednesday.
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The reduction in gasoline export quotas was in line with upcoming refinery maintenance that will curb production and an oversupplied export market that is not as profitable as exporting distillates and jet fuel. The swaps were in response to requests by the state refiners, the sources said.
The government swapped 700,000 mt of CNPC's gasoline export quota with 400,000 mt of gasoil and 300,000 mt of jet fuel.
Meanwhile, 115,000 mt of Sinochem's gasoline export quotas were swapped for 110,000 mt of gasoil and 5,000 mt of natural gas, although the type of gas was not immediately clear.
The government also swapped 1,000 mt of CNOOC's gasoil export quotas into natural gas.
China has allocated total 21.5 million mt of export quota so far this year. The total volume is unchanged after the quota swaps.
Market sources expected the ministry will allocate the second round of export quotas in May/June.
-- Oceana Zhou, firstname.lastname@example.org
-- Edited by Dan Lalor, email@example.com