China's private chemical giant Hengli wins approval for crude oil quota [Reuters]
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Source: Reuters
China's private chemical giant Hengli wins approval for crude oil quota | Reuters 3 Min Read BEIJING (Reuters) - Chinese private chemical producer Hengli Group has won state approval to import 400,000 barrels per day (bpd) crude oil, the largest quota ever for a private refiner, as it challenges the country’s smaller independent plants in an oversupplied Chinese fuel market. The group’s listed unit Hengli Petrochemical said in an exchange filing late on Thursday that the National Development and Reform Commission (NDRC), the state economic planner, had approved the quota. The firm aims to start trial runs in October at a newly built refinery in the northeastern port city of Dalian that will be among the five biggest refineries in China. “We will start using our quota this year,” said a senior Hengli official, who declined to be identified because he was not authorized to speak to the media. “We hope to get enough allowances for the refinery to start trial operations in October.” Anoth
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