China Information

Wednesday, January 10, 2007

Restriction on the import quantity of oil products by foreign-invested enterprises relaxed

Recently the Ministry of Commerce published "Permitted Import Quantity, Allocation Basis and Application Procedure for Oil Products by Non-state Trading Companies in 2007". According to the proclamation, in 2007 China's permitted import quantity of oil products for non-state trading companies is 9.26 million tons (including gasoline, aviation kerosene, diesel, petroleum naphtha, fuel oil (2666, -114,-4.1%) and wax oil), increasing by 15% compared with the 8.05 million tons in 2006. Experts said that as the restriction on the right to engage in wholesale business of oil products has just been relaxed, the increase of permitted import quantity of oil products for non-state owned enterprise provides opportunities for foreign enterprises to engage in the wholesale business of oil products.According to the application procedures,enterprises engaged in import of oil products that fulfill the conditions can lodge application to the import administration authority for important industrial products or import administration authority for foreign invested enterprises, or direct apply to the Ministry of Commerce. Reporters learn that the conditions include that applicants should have a registered capital not less than RMB50 million, and should possess a wharf for handling no less than 10,000 tons of oil products.


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