Tuesday, January 15, 2002
China allows private cos to import oil
Beijing, January 14: China will for the first time allow private companies to import crude oil and refined oil products, ending the monopoly of the government. As per this decision, China plans to allow other companies besides the present four state-designated traders - Unipec, Chinaoil, Sinochem and Zhuhai Zhenrong Corp - to import 7.2 million tonne of crude oil and four million tonne of refined oil, such as diesel and gasoline, this year. The new importers can be either private-run or state-owned, according to China's commitment to the World Trade Organisation (WTO), the official China daily reported. However, analysts say the change will have little effect on the state-dominated sector. An analyst at a Sinopec Research Centre said, "I would not call the opening-up a breakthrough." - PTI
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