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| China to open oil wholesale to foreign capital |
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| www.chinaview.cn
2006-12-07 21:21:21
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BEIJING, Dec. 7 (Xinhua) -- China's wholesale market for crude oil and
refined oil products will be opened to foreign investment from 2007, under new
regulations issued by the Ministry of Commerce (MOC).
Two regulations, on the crude oil and refined oil markets, would break the monopoly
of state-owed enterprises in both sectors, said Chong Quan, spokesman of
the MOC.
The government promised to open the market on Dec. 11 under its commitments
to the World Trade Organization (WTO).
The regulations, published on the MOC website, are a response to the
promise.
Before Dec. 11, the wholesale market of crude oil was controlled by the
government while China National Petroleum Corporation (CNPC) and China Petroleum
and Chemical Corporation (Sinopec Corp.), China's two biggest oil firms,
monopolized the wholesale refined oil market.
By clearly defining the qualifications of enterprises, the regulations would
promote the establishment of a competitive pattern of SOEs, foreign companies
and private enterprises in both sectors, said Chong.
Industrial insiders said the regulations indeed raised the market access thresholds for enterprises, which are required to have a minimum registered capital of 100 million yuan (12.8 million U.S. dollars) to gain crude oil wholesale rights.
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