Probe set to reduce PetroChina Fuel Oil’s imports Five refineries facing cuts to import quota volumes Consumption tax to slash bitumen blend imports Crude oil imports by China’s independent refineries are likely to fall by 27% in the second half of 2021, S&P Global Platts estimated June 11, as a probe into illegal trading reduces PetroChina Fuel Oil’s inflow, five plants face having their quota allocations reduced, and a consumption tax slashes bitumen blend imports. The independent refineries’ imports are likely to fall by 4.4 million mt (1.06 million b/d) to 11.74 million mt/month in H2 from the 16.13 million mt/month averaged over the first five months of 2021, according to Platts estimates. The private sector has been the engine of China’s crude import growth over the past few years, accounting for about 30% […]