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China to Allow More Refining Firms to Import Crude Oil

Source: Reuters 2/16/2015, Location: Asia

China will allow refining firms that meet new technical and environmental standards to import crude oil, the country's state planning agency said, part of its efforts to give the market a bigger say in the sector.

The National Development and Reform Commission (NDRC) said in a notice posted that the new guidelines for crude oil imports would provide incentives for refiners to use cleaner and more efficient technologies.

China is the world's largest crude importer after the United States, but leading state oil firms Sinopec and PetroChina account for nearly 90 percent of shipments.

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