China Set 16.2 Million mt Fuel Oil Imports For 2022

By
Mfame Editor
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863

  • MOFCOM on 23 December issued the 2022 Refined Oil (Fuel oil) Non-state trade import allowance application conditions.
  • The import of fuel oil is subject to state-owned trade management, states MOFCOM.
  • The allowable amount of fuel oil imports for non-state trade in 2022 is 16.2 million tons.

The Ministry of Commerce of the People’s Republic of China (MOFCOM) on 23 December issued…., says an article published on manifold times website. 

Imports by non-state-owned enterprises

The Ministry of Commerce of the People’s Republic of China (MOFCOM) on 23 December issued the 2022 Refined Oil (Fuel oil) Non-state trade import allowance application conditions, distribution principles and related procedures document.

The import of fuel oil is subject to state-owned trade management, states MOFCOM.

However, certain provisions between China and the World Trade Organization allow for a fixed amount of trade imports by non-state-owned entities.

As such, these non-state-owned enterprises are allowed to operate within the scope of the annual import allowance.

The allowable amount of fuel oil imports for non-state trade in 2022 is 16.2 million tons.

Requirements meet by non-state trade 

Non-state-owned enterprises interested in applying for a permit to import an allowable quantity of fuel oil for non-state trade should meet the following requirements:

  • Obtain import and export business qualifications with independent legal representation;
  • Have ownership or access to unloading facilities such as fuel oil import terminals or special railway lines (only applicable for border land transportation enterprises) with no less than 10,000 tons;
  • Ownership or right to use fuel oil storage tanks or oil depots with a storage capacity of not less than 50,000 cubic meters;
  • Domestic bank credit lines of not less than USD 20 million or RMB 120 million;
  • No violation of national laws and regulations in the past two years;
  • Other factors that need to be considered.

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Source: manifold times