Crude and bitumen blend imports in August for China’s independent refineries fell 9.9% to 17.85 million mt, or 4.22 million b/d, from a record high in July, and the downtrend is expected to continue as private sector refiners grapple with narrowing margins while rapidly running out of import quotas, information collected by S&P Global Platts showed Sept. 3. The independent refining sector’s crude and bitumen imports crossed the 18 million mt mark for three consecutive months over May-July, with the volume peaking at 19.81 million mt or 4.68 million b/d in July, Platts data showed. About 73% of the month-on-month drop in August was attributed to reduced crude purchases from two integrated refineries, Zhejiang Petroleum & Chemical and […]