China has issued crude oil import quotas for 2026 to three refineries based in Shandong province, which were sold last year by state-run Sinochem Group to independent operators, two trading sources with knowledge of the matter said on Friday.
The quotas were issued to Shandong Changyi Petrochemical, Zhenghe Group and Huaxing Petrochemical, with total annual volumes at around 12 million metric tons (240,000 barrels per day), one of the sources said.
It was not immediately clear if the quotas issued were for the full annual amount or partial shares.
Changyi is now controlled by independent refiner Shandong Hongrun Petrochemical, Zhenghe by Shandong Qicheng Petrochemical and Huaxing by Shandong Qirun Petrochemical.
Under the new quotas, the three independent operators are expected to purchase crude on their own instead of buying via Sinochem.
China’s Ministry of Commerce, responsible for quota issuance, did not immediately respond to a request for comment.
At the end of 2025, China released a new batch of 2026 crude oil import quotas to most of its independent refiners, with volumes traders estimated at amounting to 70% of their annual allowances including the first smaller issue.
Source: Reuters
