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WorldPosted at: Jul 19 2017 10:07AM


China drafts new rules for oil storage industry

BEIJING, Jul 19 (Reuters) Beijing on Wednesday issued draft regulations for China's growing oil and fuel storage industry, as the nation pushes on with plans to reform its vast energy sector.
Storage companies and wholesalers of crude oil or refined oil products must apply for a permit from the provincial government, which will be subject to approval from the commerce ministry, according to the draft proposals issued by the Commerce Ministry.
Companies must have a minimum storage tank capacity of 200,000 cubic metres to distribute and store crude oil and a minimum of 20,000 cubic metres for refined products, it said.
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