China’s Ministry of Commerce said on Monday it will grant licenses to two independent refineries to directly import crude oil, shortly after the companies won import quotas, as Beijing continues to open up the tightly state-controlled sector. Beijing has already widened the pool of companies to which it will award quotas for imported crude, starting early this year to boost private participation in the oil trade ahead of a planned launch of a crude oil futures contract. Most quota winners still have to nominate a state-affiliated trading company as agent for any shipments. But Shandong Dongming Petrochemical Group [SDHLYD.UL] and Panjin Beifang Asphalt Fuel Co have now been approved for licenses to import crude on their own, according to a short statement posted on the ministry’s website (www.mofcom.gov.cn). The approval came just […]