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Article content SINGAPORE — China found three independent oil refiners evaded fuel tax and punished a unit of a state oil major for irregular crude oil trade following months of investigations, part of a broader clampdown to consolidate its massive refining sector. Under a drive to rein in surplus refining capacity and cut carbon emissions, Beijing last year introduced measures such as cutting import quotas and slapping a hefty tax on imports of blending fuels. That has led to China’s first annual fall in crude oil imports, the world’s largest, in two decades. Advertisement This advertisement has not loaded yet,...
