Private oil refineries get approval to import crude oil
Source: www.chinamining.org Citation: Xinhua Date: July 24, 2015
The government has given China`s private refineries more freedom to import crude oil, a move intended to further open up the State-dominated sector, the Ministry of Commerce (MOFCOM) said on Thursday.
The ministry specified the requirements for non-State companies that want to import oil, saying they must have annual refining capacity exceeding 2 million tons and meet national environmental standards.
They should also have storage capacity for at least 300,000 tons of crude. China is one of the world`s largest oil buyers, and nearly 60 percent of its petroleum is imported. Crude imports are dominated by State-run giants such as China Petrochemical Corp (Sinopec), China National Petroleum Corp (CNPC) and China National Offshore Oil Corp.
There are more than 20 qualified non-State importers, but they have limited quotas.
In August 2014, Xinjiang Guanghui Petroleum Co, a subsidiary of Guanghui Energy Co, secured government approval to import crude, the first private enterprise authorized to do so since 2008.
Besides imports, China is moving to open up the sector in various ways. For example, both Sinopec and CNPC have announced plans to allow more private investment in their assets.
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