On January 14, the website of the Ministry of Commerce announced that Zhejiang Petroleum Co., Ltd. had applied for the import qualification of non-state-owned crude oil trade to enter a 10-day publicity period. Following the announcement by the Ministry of Commerce on February 24, 2018, of the qualifications and procedures for enterprises in the China (Zhejiang) Free Trade Pilot Area to apply for imports of crude oil from non-state-owned trade, China National Product University will soon become the first trading enterprise in Zhejiang to obtain import qualifications of crude oil from non-state-owned trade.
The General Plan for China (Zhejiang) Free Trade Pilot Zone issued by the State Council on March 15, 2017, proposes to relax the qualification and quota limits (allowances) of crude oil and refined oil, and support the granting of crude oil import and use qualifications to enterprises in two or three free trade pilot zones that meet the requirements. According to the relevant person in charge of Zhoushan Business Bureau, the application for import qualification of non-state-owned crude oil trade is aimed at non-specific objects, allowing the qualified trading enterprises to declare. Since then, a number of enterprises that have met the application conditions are eager to try.
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Industry experts believe that approving the qualifications of non-state-owned trading enterprises for importing crude oil is not only conducive to competition with traditional crude oil importing enterprises, but also a part of oil and gas import and export reform. Increasing the number of non-state-owned trading enterprises qualified to import crude oil can also increase the activity of crude oil futures market and help Shanghai crude oil futures market.
Jin Lianchuang believes that China’s acquisition of import qualifications for non-state trade in crude oil by China National Petroleum Development Corporation will expand the main body of non-state trade and help to enhance market vitality. On the other hand, it will be another major breakthrough since the opening of bonded market in Zhejiang Free Trade Zone. Most importantly, it will promote the development of investment facilitation and trade liberalization of commodities dominated by oil industry chains.
It is understood that the target of Zhejiang FTA is Singapore’s whole oil industry chain. Zhoushan will also undertake the task of reaching 100 million tons of national strategic oil reserves in 2030, that is, 90 days of strategic oil reserves. As far as the land and sea areas under Zhoushan are concerned, up to now, no exploration has shown oil or gas reserves. Some media have marveled that Zhejiang FTA is to build a strategic highland of China’s petroleum in a non-oil-producing area. Achieving such a strategic vision requires not only strategical planning, but also strategically advancing to occupy the commanding heights through innumerable battle victories and tactical combinations. The import qualification of non-state-owned crude oil trade took the lead in breaking the ice in the whole country, which undoubtedly took a solid step towards the goal of building Zhoushan whole oil product industry chain.
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