China could towards the end of this year or early 2014 announce further relaxation of the crude oil and refined oil products import regime, the China Securities Journal reported Wednesday. The government has recently completed soliciting opinions from relevant authorities on some draft proposals, it said. Under the draft proposals, firms meeting multiple oil refining capacity requirements will be granted import licenses. Shandong Dongming Petrochemical Group Co. and Sinochem Hongrun Petrochemical Co. are believed to have been awarded 10 million tons and 5 million tons of crude oil import quotas for 2014 respectively by the Ministry of Commerce, the report said.
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