Private Players Entering Oil Import Trade Flares Demand for Crude

(Beijing) – Giant oil tankers have been lining up for docking for weeks at the country's largest oil terminal in Qingdao to offload their consignments, most of which will head to small refineries, known as "teapots," which were allowed to import crude less than a year ago, as the government loosens its grip on the oil sector.

On April 20, about 20 supertankers, each carrying more than 160,000 tons of unrefined petroleum queued outside the Qingdao Port in eastern province of Shandong, data from the port showed. Some ships had waited for more than a month to enter the port.