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China lifts quota on oil imports

By Dai Yan (chinadaily.com.cn)
Updated: 2007-01-22 11:11

Related publication: Related readings: China's crude oil imports up 14.5% China expected to import 140m tons of crude oil

China will allow non-state-owned companies to increase oil product imports by 15 percent from 8.05 million tons last year to 9.26 million tons in 2007 as energy demand rises, theMinistry of Commercesaid in a statement recently.

The oil products include gasoline, gas oil, kerosene, naphtha and fuel oil. Companies matching certain criteria, such as those with a registered capital of more than 50 million yuan (US$6.4 million) and with no record of violating regulations, can apply for an import quota from January 1 to 15, the ministry said. However, an oil product wholesaler is only required to have a minimum registered capital of 30 million and storage of more than 10,000 cubic meters.

As part of its commitment to the World Trade Organization, China has been raising import quotas for oil products since 2002, but whether privately owned companies can make profits from it depends on international oil prices and adjustment of the domestic oil products pricing mechanism. If international oil prices continue to rise, the import quotas cannot possibly be fully used.

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The full text is available in the January Issue ofChina Energy.