China grants BP venture fuel storage permit

China has granted another crude oil distribution permit to non-major Yanchang Petroleum Group, and given eight more independent firms licenses to wholesale refined fuels, the Ministry of Commerce said. The move is part of Beijing’s commitment to the World Trade Organization to open up the market. In the same statement, Beijing also took away fuel wholesale permits of 22 firms, most of which are tiny, grassroots distribution outlets of state refiner Sinopec Corp. (October 25, 2007)