December 28, 2018 / 4:30 AM / 6 months ago

UPDATE 1-China to issue 1st batch of 2019 fuel export quotas, up 13 pct on yr ago - sources

(Adds comparison vs year earlier)

SINGAPORE, Dec 28 (Reuters) - China is set to issue its first batch of refined fuel export quotas for 2019, set at a total of 18.36 million tonnes or 13 percent more than the first issue for this year, according to two sources with knowledge of the matter.

China, which authorises annual fuel exports progressively, is expected to ship out more refined products next year as two large new refineries add to on an already over-supplied domestic fuel market.

The quotas, which are issued by the Ministry of Commerce, comprise 8.7 million tonnes of diesel, 5.19 million tonnes of gasoline and 4.47 million tonnes of kerosene, said one source.

Calls to the Ministry’s press office were not answered. The Ministry did not immediately respond to a faxed request for comment.

The first batch of quotas will be shared between four state-run firms - Sinopec, CNPC, CNOOC and Sinochem, the two sources said.

Top refiner Sinopec will receive 8.3 million tonnes, China’s second-largest refiner CNPC will get 6.09 million tonnes, Sinochem 2.13 million tonnes and CNOOC 1.84 million tonnes.

All the new issues will fall under the general-trade category, under which refiners will receive tax refunds after exports are completed.

China issued a record of about 48 million tonnes of export quotas for 2018, up about 12 percent on the previous year.

Reporting by Chen Aizhu and Florence Tan; Additional reporting by Beijing newsroom; editing by Richard Pullin

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