Chinese Oil Refiners in Limbo as Beijing Delays Releasing Quotas
- Absence of import allowances frustrating private processors
- State-owned companies also waiting for fuel export limits
A refinery in Shanghai, China.
Photographer: Johannes Eisele/AFP/Getty Images
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It’s an anxious end to the year for many Chinese oil refiners as they wait for Beijing to announce crude import and fuel export quotas.
The import allowances are for independent refiners, accounting for around a quarter of the country’s processing capacity, while the export limits cover the entire sector including state-owned companies. Both types of quota had already been released at this point last year.