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China set to grant crude oil import quota to Sinochem subsidiary

Date 13-July-2015
Subject China set to grant crude oil import quota to Sinochem subsidiary

BEIJING : The Chinese government is set to grant an annual crude import quota of 5.3 million tonnes, or 106,000 barrels per day (bpd), to Sinochem Hongrun Petrochemical Co. Ltd., a subsidiary of state-owned Sinochem Group, the country's central economic planner said on Monday.

Beijing has pledged to reform the oil sector by opening up the crude import business, long dominated by state energy giants Sinopec Corp and PetroChina, to more independent players.

Source : economictimes.indiatimes.com

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