“The economics of processing fuel oil as feedstock have been deteriorating for a while,” said Mia Geng, an analyst at industry consultant FGE. “The recent change in tax policy has further damped interest among refiners.”
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“Refiners that rely heavily on fuel oil have already started to cut runs or even gone into indefinite shutdown,” said FGE’s Geng. “A number of Shandong refineries are on our watchlist for permanent closure in the next couple of years.”
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