Bankrupt China “Teapot" Refinery Plans Restart After Bailout

Chinese independent refiner Shandong Haiyou Petrochemical Group aims to restart its key crude oil unit in June, a year after it was idled following a bankruptcy filing, according to four sources with knowledge of the matter, Reuters reported. The refinery in Juxian county in the eastern province of Shandong is preparing to restart a 70,000 barrels per day crude unit shut since last May after local government-led investment helped the firm clear most of its debts. “The dead is returning... after the local government injected funds and became its new shareholder,” said a trading executive active in the Shandong crude oil market who was briefed on the matter. Two local government-backed companies in June 2017 injected a total 300 million yuan ($44.7 million) into Haiyou Petrochemical for a combined 60 percent stake, according to official business credit information portal, the National Enterprise Credit Information System. Read more