China's 'teapot' refiners bolster presence in S'pore (Amended)
Group of 17 firms has combined crude import quota of 60m tonnes and refining capacity of 70m tonnes
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.
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