Over the next decade, the number of independent refineries is likely to shrink as the larger, more sophisticated refineries with greater access to imported crude thrive and many of the smaller plants with lesser or no access end up being acquired by stronger firms. This process has begun. Already there have been at least three mergers involving independent refineries in the first half of 2017.•China’s independent refineries are influencing the competition for shares of China’s crude oil imports. Purchases of Russian crudes by the independents enabled Russia to displace Saudi Arabia as China’s largest supplier of crude imports on an annual basis in 2016, a position Russia has maintained through the first half of 2017. The independent refineries are also helping Angola and Brazil gain market share. Other suppliers favored by the independents include Venezuela, Malaysia and Oman.
https://energypolicy.columbia.edu/sites/default/files/CGEPTheRiseofChinasIndependentRefineries917.pdf
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