Chinese Refineries Go Bankrupt Amid Plummeting Margins

Slumping refining margins amid tepid fuel demand in China have already claimed victims among the refineries in the Shandong province, where two plants operated by chemicals giant Sinochem were declared bankrupt in recent days. Zhenghe Group Co and Shandong Huaxing Petrochemical Group Co were declared bankrupt after creditors failed to agree on restructuring plans for the refineries, local court statements showed on Tuesday, as carried by Bloomberg. A third refinery operated by Sinochem in the Shandong province, home to China’s independent…