Tag: Teapots

  • China’s Independent Refiners: A New Force Shaping Global Oil Markets

    By: Michal Meidan

    China’s independent refiners account for roughly one third of the country’s downstream, yet for years, these private companies, nicknamed ‘teapots’ for their simple refining configuration, were virtually unknown to global crude markets. The independent refiners processed fuel oil as feedstock and, running at low utilisation rates, their retail market share in China was limited mainly […]