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China's oil 'wolves' in danger of becoming 'sheep'

Independent refiners' clout being eroded by that of new giants making petrochemicals

While crude imports by teapots (private processors) in Shandong have been plagued by shipping and logistical challenges, the newcomers have the advantage of access to deep-water ports.


CHINA'S independent refiners burst onto the international oil market scene only a couple of years ago and lifted the nation past the US as the world's No 1 crude buyer. Now, a new generation of firms building some of the globe's biggest plants are threatening to eclipse them....

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