New | China sets new rules to allow more refiners to import oil

China, the world's second-largest oil consumer, regulates oil imports through a quota system to ensure stable supply. Photo: Reuters

China yesterday introduced new regulations paving the way for smaller refining firms to import crude oil, as it looks to encourage private investment in a sector dominated by big state-owned firms.

Under rules posted by the National Development and Reform Commission, refiners will be able to apply for access to imported oil if they meet new technical and environmental standards. Firms can then apply to the Commerce Ministry to import oil.

Print option is available for subscribers only.
SUBSCRIBE NOW
Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.