Industries > Energy

China grants export license to private oil refiner

Xinhua News,HANGZHOU
2020-07-11 00:53

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HANGZHOU, July 10 (Xinhua) -- Zhejiang Petrochemical Co., Ltd. (ZPC), a private oil enterprise in east China's Zhejiang Province, has been granted a license for the export of refined oil products by the Chinese Ministry of Commerce.

It was the first time that a private Chinese oil company won such permission. Refined oil-products export permission had thus far only been granted to state-run enterprises.

For now, only a handful of large state-owned Chinese refiners, including Sinopec Group, CNPC, CNOOC, the Sinochem Group, and the China National Aviation Fuel Group Ltd., are allowed to export refined oil products.

ZPC has been undertaking a crude oil refinery project with a capacity of 40 million tonnes per year in Zhoushan, Zhejiang Province.

The export license will broaden the market for ZPC's refined oil products, and increase the competitiveness of their low-sulfur fuel oil in the global market, according to the Zhoushan Bureau of Commerce.
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