11th pri­vate re­finer gets crude quota in 2016

China Daily (Hong Kong) - - BUSINESS -

China has granted in­de­pen­dent re­finer Haike Ruilin Chem­i­cal Co a pre­lim­i­nary an­nual crude oil im­port quota of 2.1 mil­lion met­ric tons, an of­fi­cial in­dus­try body said on Wed­nes­day, the 11th so-called teapot to be al­lowed to buy for­eign crude this year. The China Pe­tro­leum and Chem­i­cal In­dus­try As­so­ci­a­tion an­nounced the al­lot­ment on Wed­nes­day. In­de­pen­dent re­fin­ers have re­ceived more than 87 mil­lion tons of crude oil im­port quo­tas since the govern­ment opened up the im­port busi­ness in late 2015 to this small but fast-grow­ing group of op­er­a­tors. Since then they have cap­tured a big por­tion of to­tal im­ports in the world’s top en­ergy mar­ket. This year, they have ac­counted for as much as a quar­ter of China’s to­tal crude im­ports. CNOOC, is ex­pected to start op­er­at­ing a new re­fin­ery in Huizhou in the sec­ond quar­ter of 2017, with Saudi Ara­bia as the potential crude sup­plier, three sources fa­mil­iar with the plan said on Wed­nes­day. “The new plant is slated for start-up around May or June ... with a con­fig­u­ra­tion geared to process medium-sour grades, typ­i­cally Arab Medium from Saudi Ara­bia and sim­i­lar grades from Kuwait,” said a Beijing-based in­dus­try of­fi­cial.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.