China's private refiners seek approval to cut oil processing rates
Updated
Updated · Bloomberg · May 11
China's private refiners seek approval to cut oil processing rates
6 articles · Updated · Bloomberg · May 11
The request was made through local authorities about a month after Beijing told the plants to keep producing at any cost to protect domestic fuel supplies.
Refiners want permission to reduce run rates because the war in the Persian Gulf has raised crude input costs and compressed profit margins.
The move highlights tension between China's fuel-security goals and the financial strain on independent processors as Gulf conflict disrupts oil markets.
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With record oil reserves, why are China's private refiners now facing a survival crisis?