ANNOUNCEMENT 20 Nov 2013
November 20th, 2013 - The Chinese government published a list announcing a number of non-state enterprises officially permitted to import fuel oil for refining.
NUMBER OF INTERVENTIONS
PRC Ministry of Finance, November 20th, 2013. (关于公布2014年第一批燃料油非国营贸易进口允许量申请材料有关情况的通知)
On January 1st, 2014, nine non-state firms were added to the roster of those allowed to import fuel oil for refining. Notably, Chinese policy dictates that non-state importers must acquire permission to carry out any fuel oil imports. This follows a decision issued by the Chinese authorities in November 2013.
More specifically, in order to qualify for these licenses, independent firms must satisfy various conditions, mainly relating to the size of the firm, e.g. it must have a credit line of USD 20m (specifically USD, not Chinese RMB) and be prepared to import a minimum of 50,000 tons of fuel oil per year.
The total non-state national fuel oil import quota is 16.2m tonnes.
List of firms added: