Export quota of refined oil should be expanded in response to market demand
At the end of August, the Ministry of Commerce and the General Administration of Customs jointly issued a notice
Release time:
2015-09-18
Source:
At the end of August, the Ministry of Commerce and the General Administration of Customs jointly issued a notice, issuing a total of 9.9 million tons of refined oil export quotas for the fourth batch of processing trade in 2015, of which Sinopec and PetroChina received quotas of 6 million tons and 3.25 million tons respectively. In the total quota of oil products issued, kerosene accounts for 46% and diesel accounts for about 34%.
According to the "2014-2018 Refined Oil Industry Market Survey and Investment Advisory Report" data, since 2015, China's refined oil export quota has reached 28.65 million tons. Among them, the gasoline export quota is 6.4 million tons, the diesel export quota is 8.83 million tons, and the kerosene export quota is 13.32 million tons. For the whole of last year, the total export volume of refined oil was about 19.5 million tons. This year's export quota of refined oil has greatly exceeded that of last year.
It is reported that less than two months after the issuance of the third batch of quotas, the state issued a new batch of export quotas again, mainly because the number of the third batch of quotas was small and mainly concentrated on diesel quotas. Some main refineries said that some oil quotas had been used up, but domestic demand was limited, so they applied to the state for a new batch of export quotas. It is understood that due to quotas, Hainan Refining and Chemical's gasoline exports decreased to 20000 tons in July. In August, the gasoline exports were suspended due to the use of quotas. Its diesel oil and aviation fuel quotas have also been used by more than 90%, while Guangxi Qinzhou Refinery and Dalian West Pacific are also facing insufficient quotas for some products.
In the fourth batch of export quotas, the number of kerosene quotas reached 4.55 million tons. Sinopec's refinery kerosene quota accounted for 78%, and its kerosene quota in the third batch of quotas was 0. It should be pointed out that Maoming Petrochemical received a kerosene quota of 570000 tons, accounting for 73% of its total kerosene quota in the first three batches, while Hainan Refining and Chemical and Yangzi Petrochemical both received a quota of 400000 tons.
The quota for the fourth batch of diesel oil was further increased to 3.35 million tons, an increase of 17.1 compared with the third batch of quotas. A number of industry insiders said that at present, the state's control over the export of refined oil is relatively flexible, and the trend of liberalization is obvious. If the refinery response quota is not enough, the competent authorities may issue new quotas to weigh domestic supply and demand. Although some Sinopec and PetroChina refineries have taken the initiative to reduce processing loads to cope with weak demand, domestic diesel supply is still abundant and domestic resources need to be balanced through diesel exports. It is expected that China's diesel exports will further increase, or can exceed 1 million tons/month.
Judging from the quota, the fourth batch quota of CNOOC Huizhou Refinery is 350000 tons, 16.7 higher than the total of the first three batches. Jinling Petrochemical received a quota of 360000 tons, 2.4 times the total quota of the first three batches of diesel oil. Shanghai Petrochemical received a quota of 300000 tons, the same as the total quota of the first three batches. Yangzi Petrochemical won the diesel export quota of 30000 tons for the first time in the fourth batch of quotas. PetroChina Guangxi Petrochemical, Dalian West Pacific and Dalian Petrochemical received quotas of 500000 tons, 270000 tons and 180000 tons respectively.
By analyzing the quota data, it is not difficult to find that only 2 million tons of gasoline are included in the fourth batch of quotas, with PetroChina refineries accounting for nearly 60%, mainly Dalian Xtai, followed by Guangxi Petrochemical. The two refineries received a total of 940000 tons of gasoline quota. China's average monthly gasoline exports are expected to remain at around 50-550000 tons.
According to customs data, the total exports of diesel, jet fuel and gasoline from January to July 2015 were 2.52 million tons, 6.29 million tons and 2.94 million tons respectively.
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