China targets 16.2 million mt fuel oil imports by non-state-owned enterprises in 2022

The following article first published by Manifold Times on 28 December was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:

The Ministry of Commerce of the People’s Republic of China (MOFCOM) on 23 December issued the 2022 Refined Oil (Fuel oil) Non-state trade import allowance application conditions, distribution principles and related procedures document.

The import of fuel oil is subject to state-owned trade management, states MOFCOM.

However, certain provisions between China and the World Trade Organization allow for a fixed amount of trade imports by non-state-owned entities.

As such, these non-state-owned enterprises are allowed to operate within the scope of the annual import allowance.

The allowable amount of fuel oil imports for non-state trade in 2022 is 16.2 million tons.

Non-state-owned enterprises interested in applying for a permit to import an allowable quantity of fuel oil for non-state trade should meet the following requirements:

• Obtain import and export business qualifications with independent legal representation;
• Have ownership or access to unloading facilities such as fuel oil import terminals or special railway lines (only applicable for border land transportation enterprises) with no less than 10,000 tons;
• Ownership or right to use fuel oil storage tanks or oil depots with a storage capacity of not less than 50,000 cubic meters;
• Domestic bank credit lines of not less than USD 20 million or RMB 120 million;
• No violation of national laws and regulations in the past two years;
• Other factors that need to be considered.

Photo credit: Zachary Keimig on Unsplash
Published: 28 December, 2021