China's teapot refineries are looking to double the share of crude imports they buy under long - term contracts to 60%, according to independent refiner Shandong Dongming Petrochemical's vice president, Zhang Liucheng. About 30% of the teapot refineries' crude imports are already bought under long - term contracts, Zhang told the Argus Asian Refined Products Conference in Singapore on Wednesday. Most of these term crude imports come through "fixed channels," Zhang said, adding that most of these volumes are from Venezuela.
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