CEFC China Energy was awarded a licence by Zhoushan Free Trade Zone for supply marine bunker fuel off the east coast of China to vessels on international voyages, reports Reuters.
The report quoted two CEFC officials saying that the license is to supply bunker fuel from bonded storage to vessels that call at the Zhoushan area.
The Zhoushan Free Trade Zone is in the coastal province of Zhejiang and is a new free trade zone the Chinese government approved earlier this year to boost commodities trade.
Chinese media yicai.com reported last week that three other companies including Zhejiang Energy Group, Jiangsu CNPC & Tafo Petroleum Corp and a unit of privately run Herun Group were also given licenses.
Those permits bring the total number of tax-bonded bunker licenses in the country to nine. Transactions from bonded tanks are exempted from taxes.
The new permit allows CEFC to expand its China oil business
which has until now largely focused on operating its 17.6 million-barrel storage facility in the southern island province of Hainan.
CEFC China Energy Company is a private collective enterprise with energy and financial services as its core business.