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China’s Ministry of Commerce (MOC) said on Monday that its oil industry will keep improving the circulation system to target a crude oil sales volume of 530 million metric tons in 2015.
The industry aims to sell 290 million metric tons of refined oil in 2015, according to a MOC guideline on the development of the oil circulation sector during the 2011-2015 period.
The guideline stated that China will foster diversified investment and managing bodies in the oil market to spur competition and to modernize distribution systems to enhance circulating efficiency.
It also called for the industry to step up efforts to reduce carbon emissions for greener growth.
The MOC said during the 2011-2015 period, China will continue efforts to make the sector’s regulatory mechanism more scientific.