The Ministry of Commerce of the People’s Republic of China recently released Announcement No. 36, granting some businesses the license to trade crude oil and refined oil.
The announcement claims that in accordance with the relevant regulations specified in "The P.R.C. Administrative Licensing Law", "The Refined Oil Market Management Methods” (The Ministry of Commerce 2006-Order No. 23) and “The Crude Oil Market Management Methods” (The Ministry of Commerce 2006-Order No. 24), Qinhuangdao Dong’ao Fuel Sales Company Ltd was granted the license to run refined oil storage after approval.
Three companies were granted licenses to trade in crude oil, including CNPC Changqing Oilfield Company, CNPC Dagang Oilfield Company, CNOOC (China) Company Ltd.
Two companies were granted licenses to deal with crude oil storage, including CNOOC (China) Company Ltd and Longkoubin Port Liquefied Chemical Dock Company Ltd.
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