Several independent refiners in China have halted operations due to rising taxes on imported feedstock, squeezing their profits.
At least four independent refiners in China have halted or plan to idle operations as taxes on imported feedstock rose at the start of the year, further cutting into refining margins , trading and refinery sources have told Reuters. China ’s smaller independent refiners, located in the Shandong province, were already struggling with profitability even before the start of this year, amid weak fuel consumption in the world’s top crude oil importer.
As a result, refiners are looking to halt operations for maintenance for indefinite periods of time, according to Reuters’s sources. The four refineries that have either closed or plan to do so in the coming weeks are all located in the Shandong province and none of them have been allocated quotas for crude imports by the central government.
Independent Refiners Fuel Oil Import Tax Refining Margins Shandong Province Crude Oil Import Quotas Diesel Gasoline
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