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

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

PRC Ministry of Commerce, May 23rd, 2015. (商贸函[2015]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)
http://www.mofcom.gov.cn/article/b/e/201507/20150701056066.shtml

Inception date: 23 May 2015 | Removal date: open ended
Still in force

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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AFFECTED PRODUCTS