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Third oil firm wins full crude import right

By Hao Yan (chinadaily.com.cn)
Updated: 2010-06-21 18:08
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China Zhenhua Oil Co Ltd has been granted by the government the full right to import and refine crude oil, making it the third company in China able to independently operate an integrated oil industrial chain, the Economic Observer reported Monday.

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Zhenhua Oil is a subsidiary of China North Industries Group Corp (CNIGC) responsible for CNIGC's crude oil supplies. Previously, Zhenghua oil had the right to import crude oil, but it was not allowed to refine any of its imported crude, which had to be further processed by refineries of either China National Petroleum Corp (CNPC) or China Petrochemical Corp (Sinopec) before going to the domestic market.

Zhenhua Oil expects to import 4 million to 5 million tons of crude this year, worth some 25 billion yuan, the paper said.