China has lifted its crude oil import quotas to allow mostly private refiners to bring in a further 12.9 million tonnes this year, a document seen by Reuters showed on Tuesday, feeding a new generation of huge refineries. The third batch of quotas was allocated to 19 companies, including private refiner Zhejiang Petroleum & Chemical Co (ZPC), which was awarded 3.5 million tonnes, the document showed. Prior to this, China had issued a crude import quota of 153.1 million tonnes, according to Huatai Futures Co, bringing total allowed imports so far this year to 166 million tonnes, a Reuters calculation showed. “Import quotas have increased overall this year as new refineries are being launched,” said Xiang Pan, head of oil research at Huatai Futures Co. “The new […]