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December 2, 2016

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Oil quota unchanged

THE Ministry of Commerce said yesterday that the quota for non-state crude oil imports will stay unchanged at 87.6 million tons for 2017.

The volume is equivalent to about 26 percent of China’s crude imports last year. Applicants for the crude oil import quota shall provide records on crude oil imports for the past two years or qualifications to process imported crude oil, according to the ministry rules. China sharply raised the quota for non-state crude imports in 2016 as it seeks to draw more private capital in the largely monopolized sector. Last year, China gave private refineries the green light to directly import crude oil.


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