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China's Teapots Have Been Getting Less Crude

Tighter government regulations and closer scrutiny of tax compliance have resulted in falling crude-import quotas to China's privately owned refineries. ICIS China estimates the average for non-state refineries in 2015 was 4.5 million tons, but just 3.1 million last year and 2.1 million for 2017. But this year's average is likely to increase from that level as the government is widely expected to hand out another batch of quotas in 2H.


ArticleSource:Dow Jones