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在线翻译:
szdaily -> Business
Import quota for teapot refiners raised
    2017-November-9  08:53    Shenzhen Daily

THE government has raised its 2018 crude oil import quota for “non-State trade,” or independent refiners, by 55 percent over 2017, raising the clout of the smaller refiners in the global market after a setback this year.

The move took market participants by surprise after China cut the quotas to independent refiners, also known as “teapots,” for 2017. The annual quota setting, announced earlier than usual, is a sign that the government is relaxing its policies towards the independent refiners after imposing cuts and banning them from exporting fuel this year.

The Ministry of Commerce said yesterday that companies can start applying for quotas for 2018 totaling 142.42 million tons, or about 2.85 million barrels per day (bpd), up from 91.73 million tons for 2017.

The ministry did not provide a detailed breakdown of quota recipients, but they should include mostly independent refiners, which in 2017 made up around two-thirds of total refiners.

The announcement follows a recent media report that China’s increasingly influential independent refineries have sought changes to oil quota polices to help them plan procurement and production in advance.

Quotas for some of these teapots were cut by nearly 17 percent in 2017 versus 2016 because they under-used the earlier permits.

“Teapots like us may get a bit more quota next year after Commerce Ministry cut back our volumes in 2017,” said a procurement manager with Shouguang Luqing Petrochemical Co., a teapot based in the eastern province of Shandong, home to a number of the independent plants.

“It’s an improvement to set the annual volumes earlier. But the volumes are much larger than expected,” said Harry Liu of consultancy IHS Markit.

The new quotas are equal to about a third of China’s imports during the first nine months of the year. The Commerce Ministry said the quotas will be issued in batches, with the first lot based on companies’ actual purchases during the January to October period this year.

Companies without any import record will be banned from new quotas for 2018 and those which under-use quotas are required to return the unfinished permits.

(SD-Agencies)

 

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