China raises threshold for non-state firms in importing product oil-China Mining

China raises threshold for non-state firms in importing product oil

(www.chinamining.org)
Updated: 2008-08-28 08:47
Counter:

Chinese Ministry of Commerce (MOC)announced Tuesday to raise bank credit-granting quotas for non-state firms to import product oil in 2009.

According to MOC, the credit-granting quota is expected to reach over 20 million US dollars, double that of 2007.

The product oil import license of 2009 also requires non-state applicants to have A-grade bank credit, registration capital of not lower than 50 million yuan, import product oil wharf with capacity of at least 10,000 tons, and storage tank of no less than 50 million liters.

The requirement for oil product storage has been scrubbed from qualifications of 2009.

The maximum volume of import product oil will rise to 11.25 million tons in 2009, up 0.6 million tons over 2008.

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