China Oil Import Quotas for Non-state Trading in 2004

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Last updated at: (Beijing Time) Friday, August 01, 2003

China Oil Import Quotas for Non-state Trading in 2004

China will import 10.95 million tons of crude oil and 6.1 million tons of refined oil in 2004 under non-state trading, the Ministry of Commerce (MOC) announced in bulletins Thursday.

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China will import 10.95 million tons of crude oil and 6.1 million tons of refined oil in 2004 under non-state trading, the Ministry of Commerce (MOC) announced in bulletins Thursday.

Certain oil companies, with a registered capital of over 50 million yuan (about 6 million US dollars), and of good reputation, are qualified to apply for the quotas.

Some foreign-funded enterprises are allowed to apply for the quota while some small companies running border trade could apply to import crude oil, the MOC bulletins said.

China imported 60.26 million tons of crude oil and 21.38 million tons of refined oil in 2002.

The import volume of crude oil and refined oil reached 32.99 million tons and 7.94 million tons respectively in the first six months of 2003, surging 32.8 percent and 59.7 percent respectively.

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