ANNOUNCEMENT 14 Jun 2016
June 14th, 2016 - China announced a new import licence for an independent oil refiner.
NUMBER OF INTERVENTIONS
PRC Ministry of Commerce, June 14th, 2016. (关于山东海右石化集团有限公司原油非国营贸易进口资质的公示)
On June 14th, 2016, the Chinese government announced it was approving Shandong Haiyou Petrochemical Group Ltd. as a licensed non-state crude oil importer.
Such licenses started being granted in mid-2015 as a result of a policy opening up the crude oil importing industry to independent retailers (see related act).
Licensees must agree to a minimum annual import demand of 50,000 tonnes of crude oil (among other requirements).