Oil: China loosens con­trols

China Daily (Canada) - - FRONT PAGE -

China has loos­ened its con­trol on crude oil im­port rights, which are owned by state-owned en­ter­prises, in­clud­ing Sinopec, PetroChina and CNOOC.

It is re­ported that China may grant 300,000 met­ric tons of crude oil this year to pri­vate com­pa­nies.

Xin­jiang Guanghui Petroleum Co Ltd, a wholly owned sub­sidiary of Guanghui En­ergy, was granted an im­port quota of 200,000 met­ric tons of crude oil for 2014, be­com­ing the first pri­vate com­pany to ob­tain such a li­cense in Au­gust.

“We will see how com­pet­i­tive of the price they could of­fer,” said Wang Wei­dong, gen­eral manager of Guanghui En­ergy’s lo­gis­tic base in east China’s Jiangsu prov­ince.

Canada has the fourth largest proven oil re­serves and is the fifth largest pro­ducer of oil in the world, pro­duc­ing more than 3 mil­lion bar­rels a day.

It is ex­pected that ad­di­tional Canadian oil re­serves will be­come avail­able, and that Canada may even­tu­ally sur­pass Saudi Ara­bia and Venezuela in hav­ing the largest oil re­serves in the world.

Canada is also the world’s third largest pro­ducer of nat­u­ral gas, with re­cov­er­able re­sources es­ti­mated at rep­re­sent­ing some 200 years of sup­ple, in­clud­ing both con­ven­tional and un­con­ven­tional gas.

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