China’s privately controlled refiner Shenghong Petrochemical has been granted a crude oil import license, according to the local government of east China’s Lianyungang city, where the company is based.

With a crude oil import license, Shenghong Petrochemical will now be able to import directly for its 320,000 barrels per day refinery, one of China’s refineries, instead of having to buy crude via a licensed trader.

China manages its crude oil imports by setting quotas for independent refiners. In January, Shenghong was allotted a quota of 8 million tonnes of crude oil for 2023.

A Shenghong representative confirmed the license, without giving further details.
Source: Reuters (Reporting by Chen Aizhu; Editing by Sonali Paul)