ANNOUNCED AS TEMPORARYNo
Import licensing requirement
On May 23rd, 2015, the Chinese Ministry of Commerce announced that it would be implementing a new application process for independent oil refiners to be granted permission to import crude oil for refining.
Previously, the only way for this to occur was through special, one-off concessions made by the authorities to such firms.
With an official process in place for approval, a huge market was opened up. Between July 2015 and the end of 2016, independent import demand of 1.48 million barrels per day of crude oil was created.
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