China Crude Oil Wholesale Market To Be Open To Foreigners

China's wholesale market for crude oil and refined oil products will be opened to foreign investment from 2007, under new regulations issued by the Ministry of Commerce.

Two regulations, on the crude oil and refined oil markets, would break the monopoly of state-owed enterprises in both sectors, said Chong Quan, spokesman of the MOC.

The government promised to open the market on Dec. 11 under its commitments to the World Trade Organization (WTO).