China’s Private Oil Refiners Buying Record Amounts of Crude
Private Crude Oil refineries in Shandong Province on east China’s seaboard brought in 8.36% of all the Crude Oil imported to China in 1-H of Y 2016, as they capitalized on the government’s decision to give them Green Light to import Black Gold.
These refineries in Shandong imported 15.61-M tonnes of crude between January and June, which cost RMB 27.77-B ($4.16-B) and accounted for 70.2% of the province’s total Crude imports, officials with the provincial Department of Commerce said.
The nation as a whole imported 186.53-M tonnes of Crude in the frame.
It was only last year that the central government gave private refineries permission to import Crude Oil directly.
The permission, in the form of import and processing quotas, was a big boost to Shandong, an economic powerhouse in the country and also home to the majority of China’s private refineries.
Under the rules set by the government, the refineries have to be granted a quota for Crude imports from the Ministry of Commerce, as well as a quota to process imported Crude from the National Development and Reform Commission.
11 refineries in Shandong have secured import quotas, totaling 41.43-M tonnes, which makes up 75.9% of all the quotas granted to private refineries across China. They imported 7.488-M tonnes of Crude in Q-1 of the year, accounting for 8.2% of the country’s total Crude import in the frame, according to the Department of Commerce.
|HeffX-LTN Analysis for OIL:||Overall||Short||Intermediate||Long|
|Bearish (-0.29)||Bearish (-0.31)||Bearish (-0.33)||Neutral (-0.24)|
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