September 2018

Columns

Refining: Chinese refining industry eyes production cuts, consolidation

The Chinese refining industry is on the verge of massive production cuts and consolidation. A new tax rule aimed at curbing alleged tax evasion by independents and the end of an era of liberalization in the industry are driving the downsizing.

Gerden, E., Contributing Writer

The Chinese refining industry is on the verge of massive production cuts and consolidation. A new tax rule aimed at curbing alleged tax evasion by independents and the end of an era of liberalization in the industry are driving the downsizing. An end to liberalization? Chinese refinery output has grown significantly since 2015, due to the government’s decision to allow China’s small, independent “teapot” refineries to import crude oil through a system of import quotas and licenses. According to statistics from the Chinese Ministry of Energy, total refining capacity in China increased by 44% between 2011 and 2017. Growth in exports was also observed during that time span, despite stagnatio

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