Beijing to allow more refiners to import crude oil

Beijing

CHINA introduced new regulations on Monday 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 (NDRC) on its website (www.ndrc.gov.cn), domestic 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.