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China is opening up crude imports to independent refiners, popularly called as teapot refiners. This is in exchange for closing small and inefficient refining units, part of a overall market reform by the Government towards a fully deregulated oil market. This development has the potential to reduce fuel oil imports and increase crude imports. With higher runs from teapots amidst product oversupply, product exports from China could also be on the rise in the near term.
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This Refining and Oil Products Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.
For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an alternative point of view to help inform your decision making.
With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information.
Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.
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Insight | Oct 2015
Chinese independent refiners - closing to grow
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