Related Articles
Establishment refiners are fighting back in China
Forward article link
Share PDF with colleagues

China’s independent refiners reel from tax blow

Preferred feedstocks are now subject to levies, as establishment refiners use political clout to bite back

China’s independent refiners have been a staple of Asia’s trading scene ever since Beijing liberalised crude imports in 2015. Having built their reputations in the mid-late 2000s as important sources of marginal supply—state-controlled refiners having failed to keep up with domestic product demand—China’s independents have grown in complexity, sophistication and profitability. But a new consumption tax is now targeting light cycle oil (LCO), mixed aromatics and diluted bitumen, all feedstocks used by the independents. What are the implications for trade flows? New force Erroneously called ‘teapots’ by some, China’s independents have built sophisticated trading arms over the years, emergin



{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Beijing strives to balance security and decarbonisation
15 October 2021
The ongoing global energy crunch underlines the difficult task facing China’s leaders in balancing energy supply security while reaching net zero in the next 40 years
Occidental exits Ghana
15 October 2021
The US super-indie is divesting its assets in the country
Gran Tierra cranks up the gears
14 October 2021
Midstream takeaway has returned to normal in Colombia, paving the way for production growth opportunities
Sign Up For Our Newsletter
Project Data
PE Store
Social Links
Social Feeds
Featured Video