ANNOUNCEMENT 23 May 2015
May 23rd, 2015 - The Chinese government allowed a change in policy regarding the provision of independent crude oil import licences.
NUMBER OF INTERVENTIONS
PRC Ministry of Commerce, May 23rd, 2015. (商贸函407号 商务部关于原油加工企业申请非国营贸易进口资格有关工作的通知)
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.