China allows private companies to apply for crude import licenses

China has started accepting applications from private companies for crude import licenses following its entry Tuesday into the World Trade Organization.

By an OGJ Online Correspondent

BEIJING, Dec. 11 -- China has started accepting applications from private companies for crude import licenses following its entry Tuesday into the World Trade Organization.

China's Ministry of Foreign Trade & Economic Cooperation said it will allow private companies to import 7.2 million tonnes/year of crude and 4 million tons of products in the first year after joining the WTO.

The ministry will review the applications and will award licenses early next year.

China has allowed only four state-owned companies to import crude: China National Chemical Import & Export Co., China International United Petroleum & Chemicals Co., China National United Oil Co., and Zhuhai Zhenrong Co.

China allows private companies to import some refined products like fuel oil.

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