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Cheap oil bonanza eludes Chinese refiners

Overcapacity, further expansion plans and falling fuel demand has industry over a barrel

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SHRINKING PROFITS: Profits at state-owned plants such as those run by China Petroleum & Chemical Corp are also shrinking as Moody's expects demand growth to slow to 3-5% in 2015 from 10% in 2010-2012.

Shanghai

HUANG Haidong misses the flush times in 2010 when his refinery in eastern China couldn't produce diesel fast enough to fill the trucks lined up outside.

"There was a fuel shortage," said Mr Huang, who works as a supply manager at one of 40 "teapot" or small, privately held