August 2, 2018 / 12:16 PM / a year ago

China's Zhejiang Petrochemical gets 5 mln t crude oil import quota for 2018 - local government

BEIJING, Aug 2 (Reuters) -

* China's Zhejiang Petrochemicals, which is owned by Rongsheng Group, has been awarded a quota to import 5 million tonnes of crude oil this year, a statement from the Zhoushan Bureau of Commerce in Zhejiang province said on Thursday.

* The move comes as the company builds an oil refining and petrochemical complex on the island of Zhoushan, near Shanghai, in Zhejiang province.

* It is expected to have two 400,000 barrels-per-day oil refineries and two 1.4 million tonnes-a-year ethylene plants.

* In April, Chinese private chemical producer Hengli Group won import quotas of 400,000 barrels per day (bpd), the largest ever for a private refiner, as it challenges the country's smaller independent plants in an oversupplied Chinese fuel market. (Reporting by Josephine Mason, Meng Meng and Aizhu Chen Editing by Susan Fenton)

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