China's first batch of 2021 fuel export quotas up 5.4% on yr - trade, exchange blog

China Aviation Oil (Singapore)

28/12/2020 05:10

SINGAPORE, Dec 28 (Reuters) - China has issued its first
batch of 2021 quotas for exports of refined fuel totalling 29.5
million tonnes to seven firms, including a private refiner,
according to the blog of a state-run energy exchange and one of
the recipient companies. 
    That volume is 5.4% higher than the quota of 27.99 million
tonnes in the first issue of 2020.
    The recipients are CNPC, Sinopec, CNOOC, Sinochem, China
National Aviation Oil Company, defence conglomerate Norinco and
private refiner Zhejiang Petrochemical Corp, the official blog
of state-run Shanghai Petroleum and Natural Gas Exchange showed.
    Its posting cited domestic consultancy JLC, which confirmed
the details to Reuters and has often proved correct in reports
of such decisions in the past.
    Separately, an executive with one of the firms confirmed the
quota issue. 
    The commerce ministry, which issues the quotas, did not
immediately respond to a request for comment. 
    The general trade category accounted for 26.17 million
tonnes of the quotas, while 3.33 million tonnes fell under
processing or tolling schemes. 
    Companies get a tax refund for general trade deals once
exports are completed, while tolling arrangements receive a tax
waiver.  

 (Reporting by Chen Aizhu in Singapore; Additional reporting by
Min Zhang in Beijing; Editing by Clarence Fernandez)
 ((aizhu.chen@thomsonreuters.com; +65 6870 3284; Reuters
Messaging: aizhu.chen.reuters.com@reuters.net))