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China to allow independent refiners to import more oil

by ChemOrbis Editorial Team -
  • 13/07/2015 (17:16)
The Chinese government is expected to allow independent buyers outside of the state-owned sector to import crude oil of up to 600,000 barrels per day this year. This level is 50% higher than what players had initially expected in February when the policy was first announced.

If the new regulation is implemented, it is expected to provide support to crude oil imports and put more pressure on fuel oil imports towards the end of the year.

China’s crude oil imports had previously hit a record level of 6.17 million bdp in 2014, a gain of almost 10% compared to 2013. Meanwhile, during the January-May period of 2015, imports increased another 4% to reach 6.5 million bdp.
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