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China teapot refineries spread wings: OMCs need to keep track
Oct 04: No one really took China's teapot refineries seriously until recently
8These refineries have been able to take on the Chinese state-controlled super giants, and they now account for up a quarter of Chinese refinery capacity.
8Some of these small refineries have grand designs. One of these plants is being built with a refining capacity of 20 million metric tonnes a year when it is completed next year, while the plan is to double this figure by 2020. This move would make it one of the biggest plants in the region matching facilities in Singapore, South Korea and India.
8There are other refineries in China too with similar ambitions
8The catch though is that at around the same time that these new independent oil refiners come online, other refineries from oil producing nations such as Saudi Arabia’s Jazan project, Malaysia’s Rapid and Brunei’s Hengyi are expected to start operating, adding to the intense competition these Chinese newcomers will have to face, along with the excess capacity the sector as a whole still has to deal with.
8Indian refiners must keep this massive volume of new capacities coming up in mind while planning their own additions.
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