ARKANSAS, Oct 27 (Future Headlines)- The Ministry of Commerce in China has announced that non-state companies will be permitted to import a total of 243 million tons of crude oil in 2024. This quota remains unchanged from the amount allowed in the current year, 2023.

The ministry also released a statement detailing the application criteria and procedures that non-state companies must follow. These guidelines align with China’s regulations on the administration of imports and exports of goods and the country’s relevant commitments under the World Trade Organization (WTO).

The ministry has set a deadline for the submission of application documents, which must be completed by November 15 of the current year. This timeline provides companies with a clear window to apply for the import quota for the following year.

By maintaining the import quota at 243 million tons, the Chinese government is ensuring a level of stability in crude oil imports for non-state companies. This can help manage energy resources and ensure a steady supply of crude oil for various sectors of the Chinese economy.

Writing by Moe Khaled; Editing by Sarah White