China is opening up its crude-import market to private companies quicker than expected as the government looks to ease an economic slowdown, according to the general manager of oil trader China Zhenhua Oil Co. Allowing more private companies to import crude will help independent refiners increase output and boost revenue, China Zhenhua’s Yuan Jun said in an interview. The government’s next move will be to allow more exports of oil products, he said. “The crude oil market is opening up faster than we anticipated,” Yuan said. “By allowing more crude imports, we will see smaller refiners increase operating rates, thus contributing to more fiscal revenue.” Zhenhua, a unit of weapons manufacturer China North Industries Group Corp., has benefited from government reforms this decade that allowed smaller companies to import crude directly — loosening the grip held by state oil giants such as China Petroleum & Chemical Corp. As part […]