The Zhejiang Petroleum and Chemical Co, a non-state oil refinery, sits in the China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan. [Photo/WeChat account: gh_37ccefdb17f4]
The Zhejiang Petroleum and Chemical Co, a non-state oil refinery in the China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan, gained the approval of China's Ministry of Commerce on July 30 to import five million tons of crude oil for this year's oil production and processing.
The approval enables the company to purchase crude oil in advance and thus guarantee the raw materials for its trial oil production.
The management committee of Zhejiang FTZ will further help the company to apply for higher oil import qualifications so that the company may realize independent oil purchasing as soon as possible, thus saving the cost for hiring purchasing agents.
Meanwhile, the committee will also endeavor to make suggestions to relevant national authorities regarding the qualifications, quota management and application procedures involving non-state refined oil exports, to facilitate the release of related national policies that may help the company overcome its difficulty in exporting refined oil.