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Muyu Xu

UPDATE 1-China's June crude oil imports rise to 2nd straight monthly record on bargain purchases

5:12am BST

* First-half natural gas imports up 3.3% yr/yr (Adds fuel exports, gas imports)

Zhejiang wins China's first private fuel export license: sources

09 Jul 2020

SINGAPORE/BEIJING China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.

UPDATE 2-Zhejiang wins China's first private fuel export licence - sources

09 Jul 2020

SINGAPORE/BEIJING, July 9 China has granted Zhejiang Petroleum & Chemical Co (ZPC) a licence to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.

Spring oil flood causes summer queues in Chinese ports

02 Jul 2020

MOSCOW/BEIJING Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters.

RPT-China to cut teapot refining capacity as plans for mega complex

10 Jun 2020

* Restructuring accelerates after mega Yulong complex approved

China to cut teapot refining capacity as plans for mega complex

09 Jun 2020

SINGAPORE/BEIJING China's oil hub Shandong has embarked on a plan to shut down capacity of half a million barrels per day shared among small, independent refiners to make way for a giant complex that should spur economic recovery from the coronavirus crisis.

China drives global oil demand recovery out of coronavirus collapse

03 Jun 2020

BEIJING/NEW YORK/TOKYO China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.

RPT-UPDATE 1-China's exports of IMO-compliant fuel rise a third in April - data, trade

28 May 2020

(Repeats story published on Wednesday with no changes to text) By Chen Aizhu and Muyu Xu SINGAPORE/BEIJING, May 27 China's low-sulphur marine fuel exports rose by a third in April compared with March to the highest level yet after it waived export taxes for domestic refiners to meet shipping demand, Chinese customs data showed. Chinese refiners began exporting in January very low sulphur fuel oil (VLSFO) with a maximum sulphur content of 0.5% to comply with emission rules for ships from the International Maritime Organization. Data from China's General Administration of Customs showed April exports of the ship fuel reached nearly 1.43 million tonnes, up from 1.07 million tonnes in March and just below a combined 1.56 million tonnes for the first two months. Exports in the first four months reached just over 4 million tonnes, the data showed. As the world's second largest economy, emerged from the coronavirus pandemic, China's exports of all goods rebounded, although global recession overshadows the demand recovery. China, which has been striving to reduce its reliance on bunker fuel imports and create its own marine fuel hub to supply northern Asia, has not explained how it collects its marine fuel export data. Beijing-based traders, speaking on condition of anonymity, said China records its bunker fuel exports by tracking Chinese refiners' bunker sales from bonded storage at major Chinese ports, such as Zhoushan and Qingdao in east China and Dalian in the northeast. The average price of VLSFO in China was $234 in April, on a par with $236 in Singapore, Asia's bunker fuel hub, one of the traders said. Analysts expect Chinese refiners to price their supplies at discount to Singapore to try to win a bigger share of the international market. So far the impact is muted. "Compared to Singapore, the competitively priced VLSFO among main Chinese ports might have attracted more business," Mia Geng, analyst at FGE in Singapore, said. Beijing has allowed only four state refiners - Sinopec Group, CNPC, China National Offshore Oil Company (CNOOC) and Sinochem Group - as well as private refiner Zhejiang Petrochemical Corp (ZPC) to export VLSFO, managed under a quota system. Chinese consultancy JLC Network Technology estimated these refiners produced 1.46 million tonnes of VLSFO in the first quarter. As China's production grows, imports are expected to fall. Imports from countries such as Singapore and South Korea into China's bonded storages totalled 4.3 million tonnes in the first four months, down 10.7% from a year earlier, customs data showed. Separately, China imported 470,000 tonnes of fuel oil under the "general trade" category, in the first four months, the data showed. The oil has been purchased by petrochemical plants as feedstock, traders said. The table below shows China's fuel oil import and exports. Volumes are in tonnes. Exports Bonded storage Processing or Monthly Year-To-Date trade tolling total Jan-Feb 1,560,681 -- 1,560,681 1,560,681 March 1,068,789 -- 1,068,789 2,629,470 April 1,425,085 8,100 1,433,185 4,062,655 Imports General trade Bonded storage Monthly Year-to-date trade total Jan-Feb 199,770 2,516,123 2,716,957 2,716,957 March 208,462 747,236 955,698 3,672,655 April 67,657 1,029,406 1,097,063 4,769,718 (Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Florence Tan and Barbara Lewis)

UPDATE 1-China's exports of IMO-compliant fuel rise a third in April - data, trade

27 May 2020

(add analyst quotes) By Chen Aizhu and Muyu Xu SINGAPORE/BEIJING , May 27 China's low-sulphur marine fuel exports rose by a third in April compared with March to the highest level yet after it waived export taxes for domestic refiners to meet shipping demand, Chinese customs data showed. Chinese refiners began exporting in January very low sulphur fuel oil (VLSFO) with a maximum sulphur content of 0.5% to comply with emission rules for ships from the International Maritime Organization. Data from China's General Administration of Customs showed April exports of the ship fuel reached nearly 1.43 million tonnes, up from 1.07 million tonnes in March and just below a combined 1.56 million tonnes for the first two months. Exports in the first four months reached just over 4 million tonnes, the data showed. As the world's second largest economy, emerged from the coronavirus pandemic, China's exports of all goods rebounded, although global recession overshadows the demand recovery. China, which has been striving to reduce its reliance on bunker fuel imports and create its own marine fuel hub to supply northern Asia, has not explained how it collects its marine fuel export data. Beijing-based traders, speaking on condition of anonymity, said China records its bunker fuel exports by tracking Chinese refiners' bunker sales from bonded storage at major Chinese ports, such as Zhoushan and Qingdao in east China and Dalian in the northeast. The average price of VLSFO in China was $234 in April, on a par with $236 in Singapore, Asia's bunker fuel hub, one of the traders said. Analysts expect Chinese refiners to price their supplies at discount to Singapore to try to win a bigger share of the international market. So far the impact is muted. "Compared to Singapore, the competitively priced VLSFO among main Chinese ports might have attracted more business," Mia Geng, analyst at FGE in Singapore, said. Beijing has allowed only four state refiners - Sinopec Group, CNPC, China National Offshore Oil Company (CNOOC) and Sinochem Group - as well as private refiner Zhejiang Petrochemical Corp (ZPC) to export VLSFO, managed under a quota system. Chinese consultancy JLC Network Technology estimated these refiners produced 1.46 million tonnes of VLSFO in the first quarter. As China's production grows, imports are expected to fall. Imports from countries such as Singapore and South Korea into China's bonded storages totalled 4.3 million tonnes in the first four months, down 10.7% from a year earlier, customs data showed. Separately, China imported 470,000 tonnes of fuel oil under the "general trade" category, in the first four months, the data showed. The oil has been purchased by petrochemical plants as feedstock, traders said. The table below shows China's fuel oil import and exports. Volumes are in tonnes. Exports Bonded storage Processing or Monthly Year-To-Date trade tolling total Jan-Feb 1,560,681 -- 1,560,681 1,560,681 March 1,068,789 -- 1,068,789 2,629,470 April 1,425,085 8,100 1,433,185 4,062,655 Imports General trade Bonded storage Monthly Year-to-date trade total Jan-Feb 199,770 2,516,123 2,716,957 2,716,957 March 208,462 747,236 955,698 3,672,655 April 67,657 1,029,406 1,097,063 4,769,718 (Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Florence Tan and Barbara Lewis)

Chinese provincial official urges shut down of CNPC's Dalian refinery

26 May 2020

BEIJING/SINGAPORE A vice governor in China's northeastern Liaoning province appealed to the central government to shut down Dalian Petrochemical Corp, at the annual national parliament conference (NPC), according to an NPC report issued on Monday.

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