China has lifted restrictions on the exports of refined fuels, allowing state-owned refiners to resume shipments overseas this month, as well as one private refiner, Reuters reported today, citing unnamed sources.
For the private refiner, a company majority owned by Rongsheng Petrochemical, this would be the first month of exports after a four-month pause. State-owned refiners were allowed to sell fuels abroad, even with restrictions.
According to the Reuters sources, following the removal of the restrictions, Chinese refiners are planning to export about 3 million metric tons of gasoline, diesel fuel, and jet fuel this month.
In June, reports said that China would allow state-owned refiners to export 800,000 tons of refined fuels this month.
Days after the conflict in the Middle East erupted and led to the closure of the Strait of Hormuz, the Chinese government moved to ban all fuel exports amid a worsening supply crunch, with the exception of some volumes shipping out to certain countries in Southeast Asia.
