GM oil in State-owned storage

China Grain Reserve Corporation (CGRC), a State-owned enterprise created to maintain China's State grain and oil reserves, admitted on Monday that 1,477 tons of oil made of genetically modified vegetable seeds had been admitted into the company storage.

According to a statement on CGRC's official website, the company had found, through inspection, 994 tons of genetically modified vegetable seed oil have entered CGRC's inventory from a Hubei company and another 483 tons of such oil from a Hunan company.

CGRC had removed the oil from their storage, the statement said.

According to the 21st Century Business Herald, China plans to purchase 1.667 million tons of vegetable seed oil in 2013.

Due to the price difference, some companies who were entitled to the credentials to purchase oil on behalf of the State have replaced non-genetically modified oil with genetically modified ones for profit.

The price of genetically modified oil is 500 yuan to 1,000 yuan cheaper per ton than the non-genetically modified oil, according to the newspaper.