China could start exporting VLSFO as domestic output perks up
An anticipated tax rebate from Beijing will increase local refineries’ profit by about $56 for every tonne of VLSFO they produce, according to estimates from a Chinese consultancy. Improved margins will help them boost production to 20m tonnes in 2023
Sinopec and PetroChina earlier revealed plans to produce about 14m tonnes this year, enough to cover about 80% of China’s bonded bunker fuel market