ANNOUNCEMENT 11 Jun 2019
June 11th, 2019 - The Chinese government newly approved several firms to import crude oil.
NUMBER OF INTERVENTIONS
PRC Ministry of Commerce, June 11th, 2019. (关于东营市海科瑞林化工有限公司等4家公司)
On June 11th, 2019, the Chinese Ministry of Commerce granted permission to four new firms to import crude oil into the country.
Non-state importers must acquire this permission before they are able to import any crude oil, and are subject to strict monitoring and quota requirements.
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).
The four companies are listed below: