Learn mandarin - Foreign oil suppliers approved for China wholesale

BIZCHINA / Center

Foreign oil suppliers approved for China wholesale

(chinadaily.com.cn)
Updated: 2007-06-28 15:21

The Ministry of Commerce recently approved the application of two
China-foreign joint ventures to enter the refined oil wholesale business.
They are Sinopec SenMei (Fujian) Petroleum Co Ltd and Fujian Refining &
Petrochemical Co Ltd.

Related readings:
Sino-overseas JVs granted oil products wholesale licenses
Oil wholesale market to be opened up

Both located in Quanzhou, East China's Fujian Province, Sinopec SenMei is
55 percent held by Sinopec, and the rest by ExxonMobil and Saudi Aramco;
while 50 percent of Fujian Refining & Petrochemical goes to Fujian
Petrochemical, and the remainder to China ventures of ExxonMobil and
Saudi Aramco.

With a combined value of US$5 billion, the two companies are the first
China-foreign joint ventures that fully integrate refining,
petrochemicals and fuels marketing.

The move to open up the domestic wholesale refined fuel market is
considered another leap forward after China allowed foreign companies to
enter the retailing refined fuel sector in 2004. It marks that foreign
fuel suppliers now have total access to China's fuel distribution
business.

(For more biz stories, please visit Industry Updates)

Learn Chinese, Learn mandarin