Shandong Kenli Petrochemical Group Co., Ltd. has seen arrival of its first crude oil cargo at Qingdao port in the form of non-state trade, according to a recent announcement of the company.
The 100,000-tonnes cargo of ESPO crude oil was sourced from Russia. By the end of 2015, the company would import additional 800,000 tonnes to 1 million tonnes of crude oil.
The Ministry of Commerce licensed Shandong Kenli Petrochemical on imports of crude oil in the form of non-state trade on September 21. In early September, macro economic planner the National Development and Reform Commission approved Shandong Kenli Petrochemical to process 2.52 million tonnes of imported crude oil each year.
China has approved several local refineries to tap overseas crude oil in the process of liberalizing state control over imports of crude oil.
Now, five state-owned trading houses control the majority of crude oil imports and exports in the form of state trade.
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