Chinese Teapots Invest in Infrastructure

摘要

Two private Chinese refineries, better known as “teapots,” have signed separate joint-venture deals to build a crude oil terminal and a pipeline, respectively, in the eastern Shandong province to facilitate their crude imports. Dongming Petrochemical, China's largest teapot, inked a deal with private-sector CEFC China Energy and the Rizhao port authority to invest 3.9 billion yuan ($570 million) in a 300,000 deadweight ton terminal, two 150,000 dwt crude berths and 1.56 MMcm (9.8 million bbl) of storage, Reuters reported Friday.