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China grants oil export licence to private company for first time ever

09/07/2020
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Zhejiang Petroleum & Chemical Co (ZPC) will be the first ever private company to export refined oil products out of China and sell on the international market.



The company was granted the historic license earlier today. Until now, the only exports have come from state-controlled oil majors such as Sinopec, Sinochem, China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC). 

The refiner will still be limited to a government-sanctioned export quota, which has so far been undisclosed. 

The license is intended to help ease oversupply pressure in China’s domestic market. 

Though independent refiners have been lobbying the government for many years to be allowed to export fuel to the international market, experts do not expect this to become a more common occurrence. 

"It's unlikely that other independent refiners will acquire export licences. ZPC is an exception, as it is located in a free trade zone, which has special policy," said Wang Zhao, oil analyst at China-based Sublime Information Corp, speaking to Yahoo! Finance.

Still, this is a major policy shift for China in acquiescing to a greater level of private enterprise on the international market.

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Recent Comments
Congratulations to Zhejiang Petroleum & Chemical Co (ZPC). So happy and proud of this company. I am a Nigerian and has been following this company from here in Nigeria, wish I could be employed I this company. I have a BSc in Gas Engineering and a Diploma in Petroleum Technology and currently studying Gas, Refining and Petrochemical Engineering for a Masters degree. I pray that, Almighty God continues to give the management the foresight to engage in more lucrative business as they change the world to a better place. God bless Zhejiang Petroleum & Chemical Co (ZPC).
Nlem Chinedu , 17 July 2020
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China grants oil export licence to private company for first time ever - Time to read 2 min
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