China’s independent oil refiners face an uphill struggle as excess capacity in the sector and slower demand for fuel creates a tougher trading environment, a top executive has warned.
Zhang Liucheng, vice-president of Shandong Dongming, said growing rivalries among so-called “teapot refiners”, as well as state-owned oil companies, had added to the sector’s financial struggles.
“Competition in China’s oil refinery industry is gradually intensifying,” said Mr Zhang, vice-president of Shandong Dongming, one of the leading teapots, on Wednesday. “We must strengthen our company,” he told the annual Asia Pacific Petroleum Conference in Singapore.
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