New Projects in China to Boost Imports of Middle Eastern Crudes

China’s stockpiling in government depots will contribute 55,000 b/d to imports in 2018, and 140,000 b/d in 2019, when the delayed Zhanjiang SPR depot starts. Hengli and Zhejiang Petrochemical will process Middle East crudes, driving up imports towards the end of 2018. Meanwhile, ESAI Energy expects at least a third round of export quotas in the second half of the year due to capacity additions.