Import Data News
- Private firms to import crude
Date: 18-Apr-2007 Sources: (Shenzhen Daily)
THE government will license 15 private oil firms to import crude this year, in addition to the current five State energy majors, in line with the opening of its oil market following entry into the World Trade Organization, an official said yesterday.
But traders who currently sell crude into China said the new entrants must meet strict criteria before being granted the import license.
'Many people have asked me who can import crude into the country and they will be the big five and 15 other private companies from all over the country,'said Wu Guohua, deputy director, policy research department of the Ministry of Commerce.
An anti-monopoly law as part of the country's WTO accession has been drafted following the annual National People's Congress last month and will be published later, Wu told an oil conference in the northeastern port city Dalian.
'The new law will cover many sectors and eliminate outdated practices. The new legislation will be detailed, powerful and is a national law. It will reform our oil industry,'he said.
'2007 is the first year that this law will be in place as China opens its oil market and is an important year for us.'
The five Chinese oil majors who currently import crude into China are Petrochina, Sinopec, Sinochem, CNOOC and Zhuhai Zhenrong Corp.
But crude traders said it would not be easy for the new importers, who will need to have oil storage tanks of a minimum size and have committed term contracts with buyers who have a certain minimum refining capacity.
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