China's 'teapot' refiners bolster presence in S'pore (Amended)

Singapore

THERE'S a new force to be reckoned with in the oil trading sector in Singapore: A coalition of independent Chinese refiners - with fresh crude oil import quotas in hand - is planning to buy crude oil through a trading office in the nation-state.

Their presence and trading activity here will be keenly watched, given that the independent refiners are regarded as a key driver for Chinese crude imports, said analysts.