China is likely to deny approvals for new oil refinery projects if their transport fuel yield exceeds 40 per cent, as part of the government’s latest efforts to cut incremental energy consumption in the industrial sector. Crude Oil To Chemical (COTC) refineries will hence be the only refinery configuration the Chinese government will approve for greenfield refineries. In this insight, we analysed two existing COTC sites from these aspects: 1. Why COTCs refineries will be the best fit in China? 2. What is COTC’s typical configuration? 3. Other COTC characteristics. 4. COTC performance and margin forecast. 5. What are the consequences of this COTC investment wave? See the attachment in the downloads section for the full insight.