China’s decision to allow more independent oil refiners to import crude oil will help to improve fuel quality and lower domestic fuel prices, the governor of Shandong province, the country’s hub of small refineries, said. China, the world’s second biggest crude importer after the United States, has had strict controls on oil imports to ensure stable domestic supplies. State-controlled companies Sinopec and PetroChina account for nearly 90 percent of the country’s inbound crude shipments. But last month, Beijing took advantage of a global oil price collapse to loosen the tightly state-control sector, which will allow smaller refiners to apply for crude oil import quotas. “This new policy breaks the previous situation that only three to four big companies are allowed to import crude oil,” Guo Shuqing, governor of the eastern province told reporters on Saturday during an annual parliament meeting. Shandong is home to most of […]