ANNOUNCEMENT 11 Jun 2019

June 11th, 2019 - The Chinese government newly approved several firms to import crude oil.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

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)
http://www.mofcom.gov.cn/article/b/c/201906/20190602871644.shtml

Inception date: 11 Jun 2019 | Removal date: open ended
Still in force

Import licensing requirement

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:

  • Dongying Haike Ruilin Chemical Co., Ltd.
  • Shandong Chengda New Energy Technology Co., Ltd.
  • Dongying United Petrochemical Co., Ltd.
  • Jiangsu Xinhai Petrochemical Co., Ltd.

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AFFECTED PRODUCTS