More Crude Imports, More Serious Competition

More Crude Imports, More Serious Competition

China’s allowable import volume of non-state trading of crude oil in 2019 is 202 million tons. Before we talk about what I see from the 202 million, I would like to clarify what are crude oil non-state trading companies. In China, there are two types of crude oil import companies – state-owned trading companies and non-state trading companies. But only five companies are defined as state-owned crude oil trading companies, including China International United Petroleum & Chemicals (UNIPEC), China National United Oil Corporation, Sinochem Group, Zhuhai Zhenrong Corporation and CNOOC-Sinopec United International Trading Company. All of the other crude oil trading companies belong to non-state crude oil trading companies. Therefore, we can get two conclusions. First, the allowable import volume for 2019 will be given to the crude oil trading companies, except the five state-owned trading companies. Namely, the crude oil import volume at the five companies will not be included in the 202 million tons. Second, the allowable import volume will not be given only to private companies. The companies under state-owned groups may get the crude oil import quota.

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