News about Zhejiang Petroleum & Chemical-crude oil import quota

Rongsheng Petrochemical announces today (October 25, 2021) that the Ministry of Commerce has agreed Zhejiang Petroleum & Chemical Co., Ltd., or ZPC, (jointly invested by Rongsheng and Tongkun) to import 12 million tons of crude oil in 2021 for its Phase II refining and chemical complex. ZPC will ramp up operating rate of its three crude distillation units (CDU) and is expected to start the fourth CDU in November 2021, according to a source of ZPC. Market participants expect that the refined oil products of ZPC will flood into the market around mid-November. ZPC is also ramping up operating rate of its reformers.