China's Independent Oil Refineries Face Closure Due to New Tax Regulations

In a significant shift within China's oil industry, the government's newly introduced tax regulations are placing immense pressure on the nation's independent oil refineries, commonly referred to as "teapots." These small to mid-sized refineries, which have played a pivotal role in the country's oil supply chain, are now confronted with the threat of closures as compliance with the new rules becomes increasingly burdensome.

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