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China: Private Refineries Emerging as Major Crude Importers
Source: www.news.cn
Source Date: Friday, July 22, 2016
Focus: Thematic Website
Country: China
Created: Jul 27, 2016

Private oil refineries in Shandong Province on east China's seaboard brought in 8.36 percent of all the crude oil imported to China in the first half of 2016, as they capitalized on the government's decision to give them green light in such imports, Xinhua has learned.

These refineries in Shandong imported 15.61 million tonnes of crude between January and June, which cost 27.77 billion yuan (4.16 billion U.S. dollars) and accounted for 70.2 percent of the province's total crude imports, officials with the provincial department of commerce said.

The nation as a whole imported 186.53 million tonnes of crude in the period.

It was only last year that the central government gave private refineries permission to import crude.

The permission, in the form of import and processing quotas, was a big boost to Shandong, an economic powerhouse in the country and also home to the majority of China's private refineries.

Under the rules set by the government, the refineries have to be granted a quota for crude imports from the Ministry of Commerce, as well as a quota to process imported crude from the National Development and Reform Commission.

Eleven refineries in Shandong have secured import quotas, totalling 41.43 million tonnes, which makes up 75.9 percent of all the quotas granted to private refineries across China. They imported 7.488 million tonnes of crude in the first quarter of the year, accounting for 8.2 percent of the country's total crude import in the period, according to the department of commerce.

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