Shandong refineries halt operations
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largest oil refining industryReuters
•Business
Business & Economics
China 'teapot' refiners halt plants as new fuel tax bites, sources say
81% Informative
At least four plants with combined annual processing capacity of approximately 18 million metric tons , or 320,000 barrels per day.
Beijing cut rebates on consumption tax paid for feedstock imports, cutting feedstock costs by $33-$83 per ton, causing losses of 300 to 600 yuan per ton.
At the start of 2025 , China raised import tariffs for fuel oil and enforced changes to tax rebates.
None of the companies have government-granted crude import quotas, limiting their feedstock options.
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