ANNOUNCEMENT 13 Jun 2017
June 13th, 2017 - The Chinese government published a list of non-state enterprises officially sanctioned to import fuel oil for refining.
NUMBER OF INTERVENTIONS
PRC Ministry of Finance, June 13th, 2017. (商务部关于公布2017年第一批成品油（燃料油）非国营贸易进口企业的通知)
In June 2017, the Chinese government added the following non-state firm to the roster of those allowed to import fuel oil for refining:
Ningbo Junan Supply Chain Co., Ltd.
Chinese policy dictates that non-state importers must acquire this permission to carry out any fuel oil imports, ensuring state-run firms have an advantage.
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.