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Jincheng Petrochemical has applied to Beijing for quotas to import 15 million metric tons of crude per year, which equates to 300,000 barrels per day , or about 3% of the shipments the world's largest crude importer brings in.

Jincheng Petrochemical, based in the city of Panjin, was formed by the merger of three refineries in Liaoning province previously owned by private refiner Bora Group and Panjin Haoye Chemical Co, both of which were found to have evaded fuel taxes in a government investigation in 2021.

Previously state refiner Sinopec Corp was assigned the oil supplier to the plants now run by Jincheng, which have a combined processing capacity of 400,000 bpd, after the previous owners lost their import quotas following the 2021 investigation.

(Source)