Friday, May 27, 2005
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BEIJING: China will open its petroleum and refined oil market by the end of next year in compliance with commitments made when it entered the World Trade Organization, a commerce chamber representative was quoted by the China News Service as saying. Gong Jialong, president of the Petroleum Chamber of Commerce, affiliated to the All-China Federation of Industry and Commerce, made the remark here on Wednesday at a high-level seminar on energy strategy. At that time, international petroleum giants would enter the Chinese market, and the country's oil prices would fluctuate on the basis of market supply and demand, Mr. Gong said. China's oil prices are still controlled by the government, partly adjusted according to the fluctuation of international oil prices. Currently, China's refined oil price is about 1,000 yuan ($120) lower than the international price. — Xinhua
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