A rapid increase in China’s crude oil refinery capacity will see it dominate exports in the Asia-Pacific region (APAC), particularly to Australia where concerns are growing of a vulnerability in the supply chain, experts say.
China customs data shows that the country’s exports of refined oil products to Australia rose from a few thousand tons before 2011 to nearly 300,000 tons at the end of last year. And Australia’s reliance on imports is expected to continue given the announced closure of two of its last four refineries.
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