Ministry of Commerce: Gradually establish a crude oil refined oil reserve system

The Measures for the Administration of the Refined Oil Market and the Measures for the Administration of the Crude Oil Market shall come into effect on January 1, 2007. Recently, Wang Xiaochuan, deputy director of the Department of Commercial Reform of the Ministry of Commerce, stated that it is necessary to gradually establish a compulsory reserve system for crude oil and refined oil products to ensure a stable supply of domestic crude oil and refined oil products.
He said that after the refined oil wholesale market is opened, the domestic product oil market will change the existing pattern of CNPC and Sinopec centralized wholesale product oil, and China's refined oil market will gradually form a state-owned large oil company, a multinational oil company and a social business unit to jointly participate in the operation. The situation.
“At present, most provinces and cities have completed the “Eleventh Five-Year” development plan for gas stations and refined oil storage industries, and strictly examined and approved the refined oil retail and warehousing enterprises. In addition, the Ministry of Commerce has also established an oil market monitoring and early warning system and department. Work contact system, timely monitoring and analysis of international and domestic crude oil and refined oil market dynamics, the various departments responsible for their own responsibility, and mutual cooperation of the market supervision system has also initially formed.” He said.
Wang Xiaochuan stated that after the two methods are promulgated, the Ministry of Commerce will continue to work with relevant departments to speed up the cultivation of domestic crude oil and refined oil markets, continue to deepen the reform of the circulation system, standardize the competition behavior in the crude oil and refined oil products, and guide companies to take the intensive and large-scale path. Strictly admitting market access for enterprises, establishing market withdrawal mechanisms, strengthening process supervision, and forming a market pattern marked by diversification of market players and diversification of oil sources.

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