The country's Commerce Ministry has allocated the first batch of export quotas for VLSFO,which the IMO defines as having a maximum sulfur content of 0.5%,with 2.95MM mt(19.8MM bbl)granted to China National Petroleum Corp.,900K mt(6.03MM bbl)granted to Sinochem,1MM mt(6.7MM bbl)granted to Zhejiang Petroleum and Chemical,and 4.29MM mt(28.7MM bbl)granted to Sinopec.Privately-owned Zhejiang Petroleum and Chemical will be required to export the IMO-2020-compliant fuel using state-owned firms as proxies,Six industry officials also report that China will release its first export quotas for ULSFO,which the IMO defines as having a maximum sulfur content of 0.1%,to the same companies.This year,China will issue 10MM mt(67MM bbl)in fuel oil export quotas,a development that is expected to shift the regional market balance.The sale of fuel oil to ships travelling international routes as bunker fuel counts as an export.
展开▼
