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China grants oil sales licenses

China grants oil sales licenses

Beijing: The Ministry of Commerce said it has granted the first batch of licenses for companies seeking to engage in crude oil sales operations.
The first batch of firms includes PetroChina, Sinopec, CNOOC Refining, Sinochem International and China Arts Huahai Import & Export Corp, the ministry said in a statement.
According to the statement, six more companies have won rights for oil products wholesale operations, including China Arts Huahai Import & Export Corp, Xinjiang Zetian PetroChemical Co, Maoming Gangan PetroChemical Co and three other firms in Liaoning, Ningxia and Shandong province.
Maoming Gangan, Xinjiang Zetian and three other firms also secured licenses for oil products storage, it said.
China earlier released new rules governing oil product vendors early this year, allowing them to engage in wholesale operations if they obtain a license.
Foreign entities were not permitted to have controlling interests in firms engaged in the wholesale or retail operations of oil products.
Previously, only China National Petroleum Corp and Sinopec Corp were permitted to conduct oil product wholesale operations. [31/07/07]


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