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Chinese refiner ZPC receives 12 million T crude import quota

SINGAPORE :China's Zhejiang Petrochemical Corp (ZPC), operator of China's single largest refinery, has received 12 million tonnes of crude oil import quotas for the rest of 2021.

The notice came from the Ministry of Commerce on Monday, the company said in a statement.

The mega refinery and petrochemicals producer has capacity to handle 800,000 barrels per day (bpd) but was forced to idle some part of its crude processing facilities for months this year because of insufficient quotas and logistics constraints.

Beijing recently issued a fourth batch of import permits to independent refiners but ZPC was not included in the distribution.

The new issue, however, brings total crude oil quotas for ZPC to 32 million tonnes for this year, the largest of any independent refiner in China. It also takes the country's overall crude import quota for 2021 to 189.14 million tonnes, up from 184.55 million tonnes in 2020.

ZPC, which began operations in mid-2019, runs China's largest refinery in a single complex with four crude distillation units (CDU) of 200,000 bpd each.

(Reporting by Chen Aizhu and Florence Tan in Singapore and Meg Shen in Hong KongEditing by David Goodman)

Source: Reuters

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