ANNOUNCEMENT 23 May 2018
May 23rd, 2018 - The Chinese government announced that 11 non-state firms would be licensed to import crude oil into the country.
NUMBER OF INTERVENTIONS
PRC Ministry of Commerce, May 23rd, 2018. (关于辽宁、陕西、山东、河南和湖北等省11家加工企业申请原油非国营贸易进口资格的公示)
On May 23rd, 2018, the Chinese government announced the list of non-state-controlled refineries that would be allowed to conduct crude oil imports in the PRC.
Such firms must satisfy a set of requirements to be able to apply for such licensing. The requirements are to ensure that the firms are large and well-established enough, and in possession of all the required mechanisms to conduct such trading.
While all firms announced so far are native Chinese, annoucements such as this demonstrate a move away from the complete state monopoly on oil trading seen in China in past years.
The firms included in the announcement are as follows: