China looks for more bunker suppliers
China is contemplating doubling the number of local companies allowed to sell tax-exempt marine fuel as demand from ships increases, according to Bloomberg.
The Ministry of Commerce is formulating the plan after it received applications this year from five companies looking to sell bonded bunker fuel, Zhou Yiqing, manager of the bunker department at Sinopec Fuel Oil Sales Co, which owns a unit licensed to sell such supplies, said in Beijing last week.?The world's fastest-growing major economy may need more than 20 million tonnes of bunker fuel a year by 2015, Mr Zhou said.?The five companies that applied for licences include state-owned China National Aviation Fuel Group Corp, the country's biggest jet fuel distributor, China Arts Huahai Import & Export Corp and Shanghai Fuel Co, Mr Zhou said.?Officials at the three companies didn't immediately respond to telephone calls from Bloomberg News.?Five Chinese companies are currently licensed to sell bonded bunker fuel, Mr Zhou said. The companies include China Marine Bunker (PetroChina) Co, also known as Chimbusco, and a unit of China Petroleum & Chemical Corp at Zhoushan, Zhejiang province.?China Petroleum, also known as Sinopec, owns the Zhoushan subsidiary through Sinopec Fuel Oil Sales Co.?The other licensed companies are China Shipping & Sinopec Suppliers Co, China Changjiang Bunker (Sinopec) Co, and Hong Kong-listed Brightoil Petroleum Holdings Ltd, according to Mr Zhou.?Bonded bunker fuel is exempt from import duties because it is sold to vessels travelling overseas.
The Ministry of Commerce is formulating the plan after it received applications this year from five companies looking to sell bonded bunker fuel, Zhou Yiqing, manager of the bunker department at Sinopec Fuel Oil Sales Co, which owns a unit licensed to sell such supplies, said in Beijing last week.?The world's fastest-growing major economy may need more than 20 million tonnes of bunker fuel a year by 2015, Mr Zhou said.?The five companies that applied for licences include state-owned China National Aviation Fuel Group Corp, the country's biggest jet fuel distributor, China Arts Huahai Import & Export Corp and Shanghai Fuel Co, Mr Zhou said.?Officials at the three companies didn't immediately respond to telephone calls from Bloomberg News.?Five Chinese companies are currently licensed to sell bonded bunker fuel, Mr Zhou said. The companies include China Marine Bunker (PetroChina) Co, also known as Chimbusco, and a unit of China Petroleum & Chemical Corp at Zhoushan, Zhejiang province.?China Petroleum, also known as Sinopec, owns the Zhoushan subsidiary through Sinopec Fuel Oil Sales Co.?The other licensed companies are China Shipping & Sinopec Suppliers Co, China Changjiang Bunker (Sinopec) Co, and Hong Kong-listed Brightoil Petroleum Holdings Ltd, according to Mr Zhou.?Bonded bunker fuel is exempt from import duties because it is sold to vessels travelling overseas.