Privately-held Guanghui Energy given oil import licence by Chinese authorities

Xinjiang Guanghui Energy, a regional subsidiary of Guanghui Energy, has been granted government approval to import crude oil from its assets in Kazakhstan across China’s western border.

This means that Guanghui Energy is the first privately-owned company to be given the right to import crude oil into China.

The company is permitted to import up to 200,000 tons of crude a year for processing at Chinese refineries.

Guanghui has large assets in China’s hydrocarbon-saturated neighbour Kazakhstan and the government’s approval of an import licence is in line with the nation’s ‘Go Out’ policy of encouraging outbound energy investment.