06-06-05

The requirements will be probably higher for enterprises engaged in finished oil wholesale.
The requirements for applying to set up an oil wholesale entity include: The applicant shall have registered capital of no less than CNY 10 mm, run oil retail business within China for no less than two years, and possess over 30 self-owned or controlled gas stations, according to the draft of technical regulations on the management and administration of enterprises concerning finished oil wholesale released by the Ministry of Commerce (MoC).

If the draft obtains the approval, a large number of private enterprises in this field would be forced out of the market. The requirements are more detailed and higher compared to the temporary measures by MoC last December.

The requirements are too high, said Zhao Youshan, Vice President of China Chamber of Commerce for Petroleum Industry (CCCPI) and also Chairman of Harbin Longqing Petroleum and Chemical Corporation.

Among 1,690 private gas enterprises throughout Heilongjiang, none has so many gas stations.
Moreover, an insider shows no more than 4 enterprises are qualified in Beijing besides China National Petroleum Corporation and China Petroleum & Chemical Corporation.

Source: SinoCast