Private Chinese firm Hengli Petrochemical, which operates one of the largest private refineries in China, has boosted its crude oil storage capacity by 22.6 million barrels to a total of 37.8 million barrels, Argus Media quoted the refiner as saying on Thursday. The new storage tanks at Dalian will help Hengli Petrochemical to optimize purchases for its 400,000-bpd refinery in Changxing. Over the past few months, Hengli Petrochemical and other Chinese refiners, both private and state-owned, have increased purchases of crude oil, taking advantage of some of the lowest crude prices in years in April. China has decided ... (full story)