Reported 22 days ago
Two oil refineries owned by Sinochem Group in China's Shandong province have been declared bankrupt after their creditors failed to agree on restructuring plans. The refineries, Zhenghe Group and Shandong Huaxing Petrochemical, faced severe profitability issues due to low fuel demand and increased electric vehicle usage, highlighting the struggles of smaller 'teapot' refineries in the region. This follows a decline in operating rates, prompting both plants to seek bankruptcy protection after attempting restructuring last year.
Source: YAHOO