On August 14, Zhao Youshan, director of the Petroleum Circulation Committee under China General Chamber of Commerce (CGCC), revealed that the National Development and Reform Commission (NDRC) is mulling over a plan to supply 5 million tons of oil products per year to Chinese private oil firms. This plan is likely to come out this October, he added.
To Mr. Zhao, this is great news. He explained that steady oil product supplies would rejuvenate Chinese private oil firms. According to him, out of the country's 50,000 private gas stations, 10,000 are running out of oil; 40,000 have to rely on imported fuel oil and about 2,000 stations, have to produce oil with chemical raw materials.
Under such harsh circumstances, more than 30 private oil firms have debated selling their gas stations to foreign-invested companies. But it is revealed that after hearing about NDRC's plan, they have changed their minds and decided to wait and see.
For more details, please read the full story in Chinese. (http://www.bbtnews.com.cn/news/today-top/1898.shtml)
(China.org.cn August 15 2007)
