Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
[BEIJING] China issued the first batch of 2017 quotas for refined fuel imports for the country's five state-owned oil firms, according to an official document reviewed by Reuters on Wednesday.
The new quotas allow the companies to import 3.3 million tonnes of naphtha and 50,000 tonnes of jet kerosene, according to the document dated Dec. 19. The naphtha quota is 36 per cent higher than a year ago, according to a trading source with knowledge of the quotas.
The gasoline and diesel quotas are only for 240 tonnes to supply an unidentified car-racing event, the document shows.
The Ministry of Commerce comment has yet to comment.
"The government seems to have scrapped gasoline and diesel import quotas, albeit they were not in large amount in the previous few years," said a second trading source based in Beijing.
The document did not make clear the quota duration or if the government will issue additional quotas later this year.
Refined fuel quotas issued in early 2016 included 2.43 million tonnes of naphtha, 970,000 tonnes of diesel and 430,000 tonnes gasoline and 470,000 tonnes of jet fuel, according to the trading source with a knowledge of the quotas.
Under the naphtha quotas, Sinopec was allotted 1.5 million tonnes, followed by CNOOC at 1.2 million tonnes.
China National Aviation Fuel, the country's jet fuel marketer, was granted a 50,000 tonnes jet fuel quota.
Customs data showed China imported 207,700 tonnes of gasoline, 810,000 tonnes of diesel and 6.16 million tonnes of naphtha in the first 11 months of 2016.