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Bloomberg

China's Overcapacity Drive Faces Stubborn Oil-Refiner Revival

China's oil refining sector is once again showing its knack for survival just as Beijing seeks to tackle industrial overcapacity. Of three small refiners in Shandong province that went bankrupt last year, one has resumed operations under a new owner and the other two are in talks that could see them return, according to people familiar with the matter. All are seeking crude-import quotas from the central government, they added.