China has removed restrictions on refined fuel exports for the remainder of July, allowing private refiner Zhejiang Petrochemical Co. to resume overseas shipments following a four-month halt, according to Reuters.
Zhejiang Petrochemical, which is owned by Rongsheng Petrochemical, has received approval to export refined fuel during July. The company had suspended exports for over three months.
During the past few months, fuel exports, including gasoline, diesel and jet fuel, were limited to state-owned refiners, effectively excluding private companies from overseas sales.
It remains uncertain whether the eased export policy will continue into August, according to Reuters.
Chinese refiners are expected to export around 3 million metric tons of gasoline, diesel and jet fuel in July, including bonded cargoes destined for Hong Kong and Macau. That level is broadly in line with the country’s average monthly exports during the previous year.
The final export schedule is still being arranged and is expected to be completed by the end of the week. Earlier projections had indicated that July exports would total nearly 2 million metric tons.