China: Bonded bunkering and oil conference held at Guangzhou in late February

Editor’s Note [12 April 2022]: Article updated to reflect the correct English company name of 广州元亨仓储有限公司, which is Guangzhou Circle Storage Co., Ltd.

The Guangzhou International Voyage Vessel Bonded Oil Bunkering Launch Event and International Oil Merchant Cooperation and Development Conference was held at Guangzhou city in China on 28 February.

Li Zhi, Deputy General Manager of Sinopec China Shipping Marine Fuel Supply Co., Ltd (SinoBunker), was invited to attend the conference, shared the company.

During the meeting, Li Zhi discussed the international crude oil market, fuel oil and bonded oil market prospects, and conducted in-depth exchanges on further cooperation with representatives of various parties.

The bunkering sector of Guangzhou, located in Guangdong province, received a boost in late 2021 when the Chinese State Council gave permission for bonded bunkering operations to be carried out at Guangdong province.

Specifically, the development allows local oil companies to obtain bonded bunkering business licences directly from the local government; instead of from the Chinese State Council.

Two local players, namely Guangzhou Development Bibi Youpin Co., Ltd. (广州发展碧辟油品有限公司) and Guangzhou Circle Storage Co., Ltd. Guangzhou Yuanheng Storage Co., Ltd. (广州元亨仓储有限公司), obtained bonded bunkering business licences from the Guangzhou Municipal Government in late February.

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Photo credit: SinoBunker
Published: 7 March, 2022