In 2016, China's annual fuel demand growth was at a three-year low. "The good days won't last much longer, as China's oil demand has been shrinking," said Zhang Liucheng, vice president of Shandong Dongming Petrochemical Group, the country's largest independent refiner. Late last year, Beijing suspended fuel export quotas for the independents, handing control of diesel and gasoline exports to the dominant state refiners. Executives at some of China's top independent refiners outlined to Reuters their plans to diversify to endure these changes. Underscoring how much Beijing has prioritised clean energy, Shandong Haike Group said it will open this month a factory that makes electrolytes used in lithium batteries for electric vehicles.

Source: The Edge Markets April 11, 2017 05:48 UTC