Good News! Yiyou Duoduo (Qingdao) Technology Co., Ltd. was Successfully Approved to Appear at the List of New Refined Oil (Fuel Oil) Non-state Trade Import Quota Enterprises in 2024

Recently, Yiyou Duoduo (Qingdao) Technology Co., Ltd., a subsidiary of IBI, was successfully approved to appear at the list of new refined oil (fuel oil) non-state trade import quota enterprises of the Ministry of Commerce in 2024, which marks that the company has obtained the qualification for the import of refined oil (fuel oil) and successfully expanded a new business field of international trade.

In accordance with the relevant legal provisions:

China implements state-run trade management for the import and export of refined oil, and the import and export of refined oil must be carried out by authorized enterprises. The types of authorized enterprises are state-owned and non-state-owned, which are different from what is commonly referred to as state-owned enterprises or private enterprises divided by economic components. Among them, state-owned trading enterprises are determined by the Ministry of Commerce, while non-state-owned trading enterprises need to be registered with the Ministry of Commerce. Except for the above two enterprises approved by the Ministry of Commerce, other enterprises shall not engage in the import and export of refined oil products. Due to the scarcity of national quotas, the import of refined oil (fuel oil) has high requirements for enterprise qualifications, and at the same time, it can also bring sustainable development momentum to enterprises, which is the qualification that international trade enterprises compete for. After approval, Sichuan Transport (Hainan), as a non-state-owned trading enterprise, can be entrusted to carry out the import of refined oil (fuel oil) or import it on its own. In the next step, Yiyou Duoduo will make good use of national policies, adhere to prudent risk control, boldly expand the market, and make every effort to do a good job in the import business of refined oil (fuel oil), so as to add growth momentum to become the main force of international trade.

About Yiyou Duoduo:

Yiyou Duoduo (Qingdao) Technology Co., Ltd. is a subsidiary of IBI. It is mainly engaged in the operation and trading of refined oil, crude oil and natural gas. The company is positioned at the Internet platform of the lubricant industry, focusing on the "Internet +" upgrade of the lubricating oil industry, taking lubricating oil products as a breakthrough, extending crude oil, fuel oil, gasoline and diesel, asphalt and other petroleum-related products upward, and achieving sales revenue of 1.235 billion yuan in 2023. Driven by the dual engines of digitalization + supply chain, Yiyou Duoduo realizes the digitalization, informatization and cloudification of the retail network through the company's software and hardware R&D capabilities and accumulation, and realizes the cost reduction and efficiency increase of trade circulation links according to the refined oil supply chain network established by it.