China grants export license to private oil company for first time

Zhejiang Petroleum Company & Chemical was the first private enterprise in China to receive permission to export petroleum products, Report says, citing Xinhua, authorities of the eastern Chinese province of Zhejiang informed.

Zhejiang Petroleum & Chemical sent a ship with more than 37 thousand tons of gasoline to Singapore. The company's export quota until the end of 2020 is 1 million tons.

The document notes that this year, due to the COVID-19 pandemic, the country's excess of oil products has worsened.

Zhejiang Petroleum & Chemical is located in the Zhejiang Pilot Free-Trade Zone (FTZ), considered the largest cluster of oil and gas enterprises. At the end of March, the State Council of the People's Republic of China approved several measures to develop a full production chain in the oil and gas sector, including the export direction.