State-owned China National Offshore Oil Corporation plans to export just 110,000 mt of jet fuel from its 22 million mt/year (440,000 b/d) Huizhou refinery in November, a refinery source said this week.
This is down from its planned oil product exports of 120,000 mt in October, S&P Global Platts calculations showed.
The refinery had no plans to export other oil products in November, according to the source. In comparison, Huizhou refinery's exports in October comprised around 40,000 mt of gasoline, 40,000 mt of jet fuel and 40,000 mt of gasoil, S&P Global Platts reported previously.
Market source attributed the decline in exports to a continuous tightness of export quotas, though the refinery had just received its third batch of export quotas for this year.
Beijing has released the third batch of oil product export quotas for the year totaling 2.93 million mt, which comprise 740,000 mt for gasoline, 590,000 mt for gasoil and 1.6 million mt for jet fuel, to five state-owned oil companies -- CNPC, Sinopec, Sinochem, CNOOC and China National Aviation Fuel, Platts reported last month.
Of this 2.93 million mt, CNOOC received just 290,000 mt for jet fuel export, and none for gasoline and gasoil.
This implies CNOOC Huizhou refinery can only export jet fuel in November and December as it had already run out of gasoline and gasoil export quotas, market sources noted.
Meanwhile, Huizhou refinery plans to process 1.7 million mt of crude in November, according to the refinery source. The equates to 94% of its new processing capacity of 22 million mt/year, unchanged from October.
