JAKARTA - The Chinese government has ordered the country's largest oil refinery to suspend exports of diesel and gasoline.
This decision was made after the closure of the Strait of Hormuz due to the US-Israeli attack on Iran, resulting in the disruption of the arrival of crude oil from the world's largest producer.
Bloomberg on Thursday, March 5, reported that this decision was made after China's main economic planner, the National Development and Reform Commission (NDRC), met with refinery company executives in China.
The NDRC then instructed to suspend oil exports, which took effect immediately.
The NDRC also asked oil refineries in China to stop signing new contracts and immediately negotiate the cancellation of agreed exports.
However, this decision has an exception granted for jet fuel and bunkers stored in bonded warehouses and supplies to Hong Kong and Macau.
A number of refinery companies among PetroChina Co, Sinopec, CNOOC Ltd, Sinochem Group, and the private company Zhejiang Petrochemical Co routinely obtain export quotas for fuel from the Chinese government.
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