Reported about 6 hours ago
China's smaller, independent oil refineries, known as teapots, are under pressure from new tax regulations aimed at reducing overcapacity, potentially leading to shutdowns in the already struggling sector. Local authorities, especially in Shandong province, are cutting tax breaks on fuel oil, increasing operational costs and compelling teapots to lower production rates. With the rise of electric vehicles and a slowing economy dampening demand for gasoline, many refineries are unable to cope and may face permanent closure.
Source: YAHOO