ANNOUNCEMENT 02 Mar 2016
March 2nd, 2016 - China announced a new import licence for an independent oil refiner.
NUMBER OF INTERVENTIONS
PRC Ministry of Commerce, March 2nd, 2016. (关于东营齐润化工有限公司原油非国营贸易进口资质的公示)
On March 2nd, 2016, the Chinese government announced it was approving Dongyin Qirun Chemical Industry Co.,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).