ANNOUNCEMENT 28 Feb 2017

February 28th, 2017 - The Chinese government announced that five non-state firms would be allowed to import crude oil into the PRC.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

PRC Ministry of Finance, February 28th, 2017. (关于山东清源集团有限公司等5家企业原油非国营贸易进口资质的公示)
http://www.mofcom.gov.cn/article/b/e/201702/20170202524385.shtml

Inception date: 28 Feb 2017 | Removal date: open ended
Still in force

Import licensing requirement

On February 28th, 2017, the Chinese government announced that five firms would be added to the list of non-state-controlled companies allowed to import crude oil into the country.

To apply for said licenses, firms must first satisfy several conditions stipulated in a 2015 policy. These conditions are designed to ensure the firms are well-established and reliable, and in possession of all the necessary elements required to carry out such trading and processing.

While all firms featured in the announcement are native Chinese, such policies represent a promising move away from the complete state monopoly exerted on crude oil imports in the PRC in the past.

Firms mentioned in the announcement are:

  • China Chemical Industry Corporation
  • Hebei Xinhai Chemical Group Co., Ltd.
  • Shandong Jincheng Petrochemical Group Co., Ltd.
  • Shandong Shenchi Chemical Group Co., Ltd.
  • Shandong Qingyuan Group Company

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