In a bid to reduce refining overcapacity, China is stepping up pressure on independent refiners to uproot illegal tax practices and check if outdated facilities have been closed as required, Bloomberg reported on Tuesday, quoting sources with knowledge of the plans. China’s National Development and Reform Commission (NDRC) is launching this week inspections and audits at more than 50 private oil refiners, most of which are located in the Shandong province in the east—the home of the independent refiners often referred to as ‘teapots’. The authorities will check if the private refiners are complying with all laws and regulations when importing and later reporting and booking processing rates and taxes, Bloomberg’s sources said. The refiners, which are allowed by the government to import crude under government-issued quotas, will also be checked for allegations of tax evasion. According to Bloomberg’s sources, Chinese authorities will also check if some small refiners […]