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China grants crude import license to non-state company

  • In a grudging first step towards opening its state-dominated oil sector, China has granted a crude import license to non-state-owned Guanghui Energy.
  • China's Ministry of Commerce stopped short of truly opening the market, since the new license does not actively pose a threat to China’s Sinopec (NYSE:SNP) and PetroChina (NYSE:PTR).
  • Included in its WTO commitments, China allocates about 10% of its crude imports to non-state traders, but additional paperwork limits their competitiveness.
  • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, OTC:DWTI, DNO, SZO, CHIE, OLO, OLEM, TWTI

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SymbolLast Price% Chg
SNPTY--
China Petroleum & Chemical Corporation