China to grant fuel export quotas to non-state refineries in Zhejiang free trade zone
China will grant export quotas for refined oil products to non-state refineries in the Zhejiang pilot free trade zone, the country’s state council said in a statement.
Fuel export quotas have only been granted to state-backed oil firms in the past. However, the statement did not specify any volume or timeframe in the new policy.
The state council statement also said it will study raising export rebates for low-sulphur bunker fuel and allow companies to carry out bonded oil blending within the free trade zone for the supply of clean marine fuel.
It also said it would bring in foreign exchanges, including New York, London, Singapore and Dubai, as strategic investors into the free trade zone, but did not give details. (Reporting by Muyu Xu and Shivani Singh; Editing by Raju Gopalakrishnan)
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