Over the past five years, industry revenue has been growing at an annualized rate of 19.1%, says IBISWorld. Oil serves as a national strategic energy and its business performance is under the strict control of the government.
In 2007, the Commerce department began to open the Oil Wholesale industry to private and foreign capital, although the approval procedure remains strict. Overall, growth in downstream demand for the industry will see a slow down in line with that of China’s GDP, says IBISWorld. Over the past five years, industry revenue has been growing at an annualized rate of 19.1%, says IBISWorld.
Sun Solaris
China has become one of the world’s leading oil importers, especially for crude oil. The proportion of imports in domestic demand has been slowly increasing, suggesting an ascending reliance on foreignoil.
Oil serves as a national strategic energy and its business performance is under the strict control of the government. Access to crude oil sales and refined oil wholesale operations must be approved by the Commerce department and currently, certificates are extremely limited to several state owned oil companies like the Sinopec Group,China National Petroleum Corporation, andChina National Offshore Oil Corporation.
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