China's Unipec takes over oil supplies to private refiners facing tax probe -sources [Reuters]
PetroChina Company Limited (PTR)
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Source: Reuters
Beijing continues regulatory push on refining sector SINGAPORE, Oct 19 (Reuters) - Unipec, the trading arm of Asia's largest refiner Sinopec (600028.SS) , has stepped in to supply crude oil to two independent refiners facing an official tax probe, as Beijing moves to help them maintain their operations for now, several sources told Reuters. The step restores some demand from independent buyers through state majors at the world's top importer as Chinese regulators push ahead with reforms of the refining sector. read more Beijing earlier this year ramped up scrutiny over its bloated refining industry by clamping down on trading of oil quotas and tax evasion aimed at curbing excess, inefficient fuel production and cutting emissions. This year, China cut independent refiners' crude import quotas for the first time since 2015. read more Unipec has since September taken over the purchase of crude for Liaoning Bora Enterprise Group and Panjin Haoye Chemical Co Ltd, both based in the
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