CNOOC is working to get special export quotas for diesel and gasoline that is free from a 17% value added tax (VAT).
The VAT-exemption policy has been approved to Sinopec and PetroChina for the first half of 2009, as a subsidy to spur gasoline and diesel exports to overseas market and reduce domestic brimming stockpiles.
It is said that the company may also team up with Chinaoil and Unipec, trading units of PetroChina and Sinopec, to export fuels.
C1 Energy Consulting forecasted the 12-million-ton Huizhou Refinery, which was put into operation in the commencing of May 2009, would monthly supply one million more tons of fuels to the market if under full operation. But the weary domestic demand would dampen the refinery from going into full operation.
Till May 3, 2009 Huizhou refinery earned sales revenues of CNY130 million.
