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China set to grant its first oil import license to an independent refiner

Oil

China is expected to grant a license for imported oil to an independent refiner in the first such decision since new rules were announced in February, Reuters reports citing a statement from the country's National Development and Reform Commission. This decision is preliminary and could be subject to change. However, if granted it would allow Shandong Dongming Petrochemical Group Co Ltd to use 7.5MT (or 150K b/d) of imported crude per year. The aim of the new legislation is to open up the market to smaller players and incentivise the closure of outdated refining units, with Dongming expected to close some of their less efficient facilities.