Most of the refineries are located in Shandong province, which can process 15 million tonnes (109.9 million barrels) of crude a year, including Shandong Dongming Petrochemical Group, the province’s biggest privately-owned refinery. Photo: Getty
Most of the refineries are located in Shandong province, which can process 15 million tonnes (109.9 million barrels) of crude a year, including Shandong Dongming Petrochemical Group, the province’s biggest privately-owned refinery. Photo: Getty

China’s teapot oil refineries could become ‘money-printing machines’ amid crude price crash

  • Lower cost of crude oil raises prospect of large profits for small refiners, who have been struggling to stay afloat amid coronavirus outbreak
  • But weak domestic market due to virus-hit economy could scupper hopes for Shandong refineries, even after boost from cheap oil

Most of the refineries are located in Shandong province, which can process 15 million tonnes (109.9 million barrels) of crude a year, including Shandong Dongming Petrochemical Group, the province’s biggest privately-owned refinery. Photo: Getty
Most of the refineries are located in Shandong province, which can process 15 million tonnes (109.9 million barrels) of crude a year, including Shandong Dongming Petrochemical Group, the province’s biggest privately-owned refinery. Photo: Getty
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