Reported 2 days ago
China's independent oil refineries, notably in Shandong, are facing significant challenges as Beijing implements measures to tackle industry overcapacity. Many smaller 'teapot' refineries, which have historically thrived in a booming market, are now at risk due to a tightening crude supply, economic slowdown, and new tax regulations. With some firms already going bankrupt and more predicted to follow, the sector must adapt to falling demand for traditional fuels amid growing emphasis on cleaner energy sources.
Source: YAHOO