December 29, 2017 / 4:54 AM / a year ago

UPDATE 3-China issues first batch of crude oil import quotas for 2018

    * State refiner ChemChina takes biggest share
    * Several independents get bigger allocations in 2018

 (Clarifies it's the first batch of quotas for 2018, adds latest
approval, total quotas and imports for 2017)
    By Florence Tan and Meng Meng
    SINGAPORE/BEIJING, Dec 29 (Reuters) - China has issued crude
oil import quotas totalling 121.32 million tonnes for 44
companies in its first batch of allowances for 2018, according
to a source with direct knowledge of the matter and documents
reviewed by Reuters on Thursday. 
     State-owned ChemChina has the largest quota at 16.67
million tonnes, followed by North Huajin Chemical Industries
Group with 7.47 million tonnes, the documents showed.
    China's imports are expected to hit another record in 2018
as new refining capacity is brought online and Beijing allows
more independent refiners to import crude, with their robust
demand growth helping to support global oil prices.
    The total allocated volume of the first batch of quotas 
equates to 2.43 million barrels per day. The Ministry of
Commerce in November said it had raised the 2018 crude oil
import quota for "non-state trade" to 142.42 million tonnes.
 
    The ministry said in November the quotas would be issued in
batches, with the first lot based on companies' actual purchases
during the January to October period this year. 
    China's commerce ministry could not be reached for comment
on the first batch of 2018 quotas. 
    China has surpassed the United States this year to become
the world's biggest importer of crude oil.
    
    GROWING QUOTAS FOR INDEPENDENTS
    China's state planner on Friday granted another independent
refiner, Jiangsu Xinhai Petrochemical Co, a preliminary crude
import quota of 2.3 million tonnes for 2018, indicating it could
continue to allow more companies to import crude. 
    Beijing could also allocate more quotas to two new
refineries built by Dalian Hengli Petrochemical and Zhejiang
Rongsheng when they come on line next year, Chinese trade
sources said.
    Among independent refiners, Haiyou Chemical's allocation for
2018 tripled from this year, while Shandong Wonfull
Petrochemical's quota nearly doubled, according to Reuters data.
Chambroad Petrochemical, Baota Petrochemical and Sinochem
Hongrun can also import more crude next year. 
    Beijing issued quotas to independent refiners for 2017
totalling 93.2 million tonnes, about 22 percent of China's
imports for the year at 421.5 million tonnes, according to
Reuters data and estimates by Thomson Reuters Supply Chain and
Commodities Research.
    Independent refiners imported about 64 million tonnes of
crude in the first 11 months this year, estimates by the
research team showed. 
    State oil companies and their refining and trading
subsidiaries will have a quarter of the crude import quotas for
2018, the documents showed. 
    The quotas do not apply to China's five state-owned major
oil companies such as PetroChina and Sinopec, which are allowed
to import crude freely. 
        
    China's crude import quota in 2018
 Company                                     2018
 Dongming Petrochemical                      6750
 Panjin Beifang Asphalt Fuel                 6300
 Sinochem Hongrun                            5300
 Lijin Petrochemical                         3150
 Kenli Petrochemical                         2270
 Baota Petrochemical                         1080
 Yatong Petrochemical                        2480
 Wonfull Petrochemical (Huifeng)             4160
 Shouguang Luqing Petrochemical              2320
 Tianhong Chemical                           3960
 Chambroad Petrochemical (Jingbo)            2980
 Qirun Chemical                              1980
 Haiyou Petrochemical                        3200
 Hengyuan Petrochemical                      3150
 Wudi Xinyue Chemical                        1920
 Qingyuan Group                              3640
 Shenchi Chemical                            2270
 Jincheng Petrochemical                      2700
 Hebei Xinhai Chemical                       3350
 Shandong Zhonghai Fine Chemical             1860
 Shaanxi Yanchang Petroleum Group            3600
 Jinao Science and Technology Hubei          2300
 Chemical                                 
 Henan Fengli Petrochemical                  2000
 Zibo Xintai Petrochemical                   2000
 Shandong Qingyishan Petrochemical           3000
 Technology                               
 Yuhuang Shengshi Chemical Co                1440
 Dongfang Hualong Group                      3000
 Shandong Qicheng Petrochemical Co           1600
 Shandong Shengxing Chemical Co              2200
 Haike Chemical Group                        1890
 Rizhao Landbridge Port Petrochemical Co     1800
 Dalian Jinyuan Petrochemical Co              800
 PetroChina International                    1490
 PetroChina International Guangxi Co          570
 PetroChina International Horgas Co           800
 PetroChina International Alashankou Co       580
 Sinopec International Petroleum              800
 Exploration & Production Corp            
 Sinopec Zhanjiang Dongxing                  1310
 Petrochemical Co                         
 Fujian Refining & Petrochemical Co           120
 CNOOC Beijing Trading Co                     620
 North Huajin Chemical Industries Group      7470
 Corp                                     
 Zhenhua Oil                                   80
 ChemChina                                  16670
 Huayue Group                                 360
 Total                                     121320
    Unit: 1000 tonnes
    Source: trade

    
 (Reporting by Florence Tan in SINGAPORE; Additional reporting
by Meng Meng in BEIJING; Editing by Richard Pullin and Tom
Hogue)
  
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