Market research by Global Data explains that China is deciding whether or not to double crude oil imports by smaller, independent refineries.
GlobalData’s analyst who covers Downstream Oil & Gas said “China’s refining industry is tightly regulated, with its two largest national oil companies, China National Petroleum Corporation and Sinopec, owning approximately 70% of the country’s total refining capacity.”
The Chinese Government is deciding whether or not to double the current 200 thousand barrels per day (mbd) to 400 mbd. Impacts of this would include the opening up of so called “teapot” refineries to import their supply from wherever they wish.
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