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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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They should hold oil exploration permits or be crude oil importers with an
annual import volume of at least 500,000 tons. They should also have depots with
a minimum capacity of 200,000 cubic meters.
Enterprises applying for crude oil storage qualifications should have a
minimum registered capital of 50 million yuan and depots with a minimum capacity
of 500,000 cubic meters.
Companies applying for refined oil wholesale rights are required to have a
refining capability of at least 1 million tons or a minimum annual output of
refined oil or diesel of 500,000 tons.
Enterprises in refined oil supply agreements with wholesale firms and annual
sales of at least 200,000 tons or importers with minimum annual imports of
100,000 tons are also qualified to apply for refined oil wholesale rights.
The regulations have stipulations on the application procedures and
supervision of enterprises.
Chong said private companies had entered the distribution and
marketing sectors of refined oil products. By the end of last month, private firms
doing wholesale business of refined oil accounted for 33.4 percent of the
total private gas stations.
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