China lifts fuel export curbs for July, sources say

SINGAPORE: China has lifted refined fuel export restrictions for the rest of July and allowed a private refiner to resume shipments after a four-month halt, trade sources said on Wednesday, as the world’s biggest refiner returns towards normal after disruptions from the Iran war. Zhejiang Petrochemical Co, majority owned by Rongsheng Petrochemical, has been permitted to export fuel in July, four sources briefed on the matter said, after it halted exports for more than three months. China’s Ministry of Commerce and the National Development Reform Commission did not immediately respond to faxed requests for comment. Rongsheng did not immediately respond to a request for comment. Only state-owned companies were permitted to export gasoline, diesel and jet fuel in the past few months. It remains unclear if the lifting of export curbs will continue in August, two of the sources added. The sources declined to be named because they were not authorised to speak to the media. China’s March crude oil imports unscathed by Iran war, gas imports hit a multi-year low Refiners are planning to export roughly 3 million metric tons of the three fuels this month, including bonded volumes to Hong Kong and Macau, said another two sources, similar to last year’s average export volume. However, the scheduling of these cargoes was still underway and should be settled by the end of this week, they said. Exports were initially set to hit nearly 2 million tons for July, Reuters reported earlier.