China allowed eleven more refineries to import oil

Yesterday, 13:47

The main oil import in China is made by such giants as Sinopec, CNPC and CNOOC.
Another 11 private refineries, located in the provinces of Liaoning, Shaanxi, Shandong, Henan and Hubei, are allowed to import oil directly. China’s Ministry of Commerce, as Xinhua reported, reviewed the relevant applications of those refineries and decided that they met the established requirements. In 2015, the Chinese government gave “a green light” to private oil refineries to directly import oil to attract private investment in the oil and gas sector, which was heavily monopolized.

In 2017, China overtook the US and became the largest oil importer in the world – the purchase volume increased by 10.1%, to 420 million tons (about 8.43 million b/s) amid high demand and the continued creation of strategic reserves. Due to purchases abroad, more than 60% of the Chinese oil demand is provided. Import is carried out mainly by three state-owned oil and gas giants: Sinopec, CNPC and CNOOC.