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China keeps non state-owned crude import quotas unchanged for 2014

Updated: 2013-10-12 08:30

China has set the 2014 crude oil import quota for non state-owned companies at 29.1 million mt (about 582,000 b/d), unchanged from this year, the Ministry of Commerce said Friday.

Companies wishing to apply for crude import licenses must have registered capital of at least Yuan 50 million ($8.2 million) and bank credit lines of at least $20 million. They must also have access to crude receiving berths and storage facilities of at least 200,000 cubic meters, the ministry said in a circular on its website.

They must also have been involved in the crude import business in the last two years.

Only a handful of companies in China are allowed to import crude oil, most of which are state-owned.

The quota given to non state-owned companies is a fraction of China's overall crude imports, which has totaled 185.61 million mt over January to August this year.


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