China’s Private Refiners Grab Barrels as They Prepare to Ramp Up
- ‘It’s about time’ teapots came out, Energy Aspects’ Liu says
- Buying activity seen rebounding after probe quelled purchases
Photographer: Costfoto/Barcroft Media/Getty Images
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Chinese independent oil refiners returned to the physical crude market in recent weeks, aiding a recovery in Asian demand after a government crackdown on the sector had spurred buyers to scale back activity.
Some private processors including China National Chemical Corp. and Sinochem Hongrun Petrochemical Co. picked up cargoes of Norway’s Johan Sverdrup and Russian ESPO crude for October to December delivery, according to traders. Independents, also known as teapots, have also begun to revive processing rates as maintenance ends and they seek to use up oil-import quotas.