CNOOC To Import Fuel to China

China National Offshore Oil Corp. gained a license to import diesel and other oil products into China.
The license will allow China National Offshore to step up competition with two Chinese oil majors Sinopec and PetroChina Co., which currently account for 95 percent of fuel sales in Asia's biggest oil market.
China Offshore, set up in 1982 to run oilfields in the nation's territorial waters, plans to build pipelines, gas stations and a $2 billion refinery to take a share of a market that the International Energy Agency predicts will account for more than a quarter of global growth in oil demand.
``China's fuels market is just so huge,'' said Fu in an interview in Beijing. ``PetroChina, Sinopec aren't meeting demand, so there's scope for other companies to come in and grow.''