China Grants Crude Import Licenses to Two Zhejiang-based Firms

SEATTLE (Oil Monster): China’s commerce ministry granted crude oil import licences to two Zhejiang-based petroleum companies in eastern China, the ministry said on its website on Tuesday.

Zhejiang Petroleum & Chemical Co, a joint-venture led by private-owned Rongsheng Petrochemical Co, and Zhejiang Petroleum Trading, an oil trading joint-venture formed by commodities trader Glencore and a Zhejiang government-backed firm, will be received crude oil import licences on Oct. 14 from the ministry if no objection from the public.

China granted first crude oil imports licence to private trading firm in January at an aim to open up its crude market.

 Courtesy: www.reuters.com