China rules on opening oil market
Afp, Beijing
China will implement new rules governing wholesale trade in oil products and the sale of crude oil on January 1, as part of efforts to open the petroleum market, the commerce ministry said Wednesday The new rules were issued as part of China's 2001 World Trade Organization accession commitment to open up its oil markets within five years of joining the global trading body, the ministry said. Currently, China operates a state monopoly over the petroleum industry with only China National Petroleum Corp and Sinopec Corp allowed to run oil products wholesale businesses. In a statement on its website, the ministry said new wholesalers must have minimum registered capital of 30 million yuan (3.8 million dollars) and operate via a China-registered entity.
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