More Enterprises Got Bonded Bunker Business License in China

SCI99

2019-02-11

More Enterprises Got Bonded Bunker Business License in China

On March 15, 2017, the central governmentissued the Planning of China (Zhejiang) Pilot Free Trade Zone.According to the Planning, China’s bonded bunker business should cover moreenterprises. As of the end of 2018, a total of 12enterprises got the bonded bunker business license.

Enterpriseswith Bonded Bunker Business License

History of China Bonded Bunker License

Before2006, China Marine Bunker (PetroChina), also known as CHIMBUSCO, jointlyinvested by COSCO and PetroChina, was the only one bonded bunker businessoperator. The company, founded in 1972, is China’s largest physical supplier ofmarine fuel by volume.

From 2006to 2009, another 5 enterprises got the bonded bunker license. In 2006, theMinistry of Commerce awarded China Shipping & Sinopec Suppliers Company, ChinaChangjiang Bunker (Sinopec) Company, Brightoil Petroleum (Holdings) Company andSinopec Zhejiang Zhoushan Petroleum Company the bonded bunker business license.According to the planning of the Ministry of Commerce, China Shipping &Sinopec Suppliers Company mainly focused on the improvement of the bondedbunker supply network at the coastal ports. China Changjiang Bunker (Sinopec)Company focused on the bonded bunker supply at ports along the Yangtze River. BrightoilPetroleum (Holdings) Company focused on the bonded bunker supply at ShenzhenPort. Sinopec Zhejiang Zhoushan Petroleum Company focused on the bonded bunkersupply at Zhoushan Port. In April 2009, the above four companies were allowedto supply bonded bunker all over China. In addition, Jiangsu CNPC & Tafo PetroleumCompany also got the license, but it could only supply bonded bunker along theYangtze River.

From 2017to 2018, a total of 7 enterprises in Zhejiang Free Trade Zone got the bondedbunker business license. On June 8, 2017, Zhejiang Free Trade Zone gave ZhoushanZheneng Petrochemical Company, CEFC International (Zhoushan) PetrochemicalCompany, PetroChina & Tafo Marine Fuel Company and Zhoushan Bonded ZoneEnergy Chemical Company the bonded bunker business license. And then, ZhoushanPort International Trade Company got the license in October 2017, and ZhoushanNational Ocean Fishery Base’s Bunker Fuel Supply Company and Xinli Petroleum (Zhoushan) Company got the license in October2018. Zhoushan National Ocean Fishery Base’s Bunker Fuel Supply Company willfocus on the bunker supply to ocean fishery vessels, and Xinli Petroleum(Zhoushan) Company will build the overseas bunker supply network in Singaporeand the Middle East. Zhoushan Port will play an important role in the bunkersupply along the Belt and Road regions.