China tightens tax screws on independent "teapot" refiners

CHINESE authorities plan to launch a new round of tax probes on private refiners, so-called teapots, sources in the refining industry told Reuters on Monday. This could lead to a slowdown of crude processing rates at the world’s top crude oil importer.

China tightens tax screws on independent "teapot" refiners China tightens tax screws on independent "teapot" refiners China tightens tax screws on independent "teapot" refiners China tightens tax screws on independent "teapot" refiners China tightens tax screws on independent "teapot" refiners

Independent refiners in China, mostly in the eastern province of Shandong, account for around a fifth of all Chinese crude imports, according to US Energy Information Administration data.