(Oilchina.com, Dec 30, 2006) On Dec. 4, 2006, the Ministry of Commerce promulgated the Measures for the Administration of China¡¯s Crude Oil Market and the Measures for the Administration of China¡¯s Finished Oil Market.

Head of the Commerce Development Department of Zhejiang Provincial Commission of Economy and Trade said that a majority of private-owned companies have tapped into the finished oil market.

Statistics show that a large-scale private oil company in Zhejiang Province sells an average of 300,000 metric tons of finished oils annually, generating more than 1 billion yuan of sales revenue, while a small-scale private oil company generates an average of tens of millions of yuan in sales revenue. In 2006 the Xiaoshan-based Zhongqiuquan Group is expected to sell more than 400,000 tons of finished oils, generating more than 2 billion yuan of sales revenue.

As a matter of fact, several private oil companies like Zhoushan, Wanxiang, Huali and Guangfa are jointly building an oil reserve base. Besides, several other private companies are planning to build a 10m-ton oil refining plant in the province, in a bid to meeting oil demand in Middle and South Zhejiang Province.
source:Oilchina.com
Drawn from Chinese language press