Reported 2 days ago
Several independent oil refineries in eastern China, known as 'teapots', have halted operations due to new tax policies that significantly increase their operational costs. The changes come as China's fuel demand peaks, forcing smaller refineries that lack government crude import quotas to curtail production. As a result, at least four plants in Shandong province have either closed or plan to close key production units indefinitely, with rising costs leading to losses of up to 600 yuan per ton for refiners.
Source: YAHOO