ANNOUNCEMENT 14 May 2018
May 14th, 2018 - 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, May 14th 2018. (关于2018年第一批燃料油非国营贸易进口申请企业有关情况的公示)
In May 2018, the Chinese government added the following non-state firms to the roster of those allowed to import fuel oil for refining:
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.