A decision by Beijing to scrap teapots' fuel export quotas will see the country's state refiners dominate the export scene, while teapots divert more of their surplus barrels to state-run companies.
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The story features singing and dancing teapots and other household items.
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But you will hear about more than teapots, tankards and thimbles.
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Just like teapots, they are custom-made by artisans in Japan.
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Over time we have transformed from consumers of teapots to consumers of sophisticated Wi-Fi-enabled pocket computers, capable of streaming content from programs like "Antiques Roadshow" on PBS, which can foster an appreciation for decorative teapots.
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The naphtha cannot be processed further at teapots' facilities, four sources said.
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The rise of the teapots has had consequences domestically and further afield.
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Beijing in 2016 dispatched inspection teams to oversee the teapots' tax records.
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The lower margins have resulted in the teapots cutting their run rates.
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Wood carvings of bunnies and teapots, made by her grandfather, decorated the walls.
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These distorted teapots look like they were stretched and flattened using a computer.
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Purple clay teapots, produced in Yixing City, are highly prized and very expensive.
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But, that was followed in 2015 by teapots winning licenses to import crude.
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At an oil trade show late last month in Dongying in Shandong province, home to many teapots, sales managers from more than 20 independents were jostling about trying to sell fuel to major trading firms, state refiners and other teapots.
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The teapots' tapering demand for the Russian grade pushed spot premiums for June-loading cargoes to as low as $2 a barrel from as high as $13 a barrel for April loaders, catching some traders who sell to teapots off guard.
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Teapots, however, have to offer more competitive prices and their margins are much thinner.
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Teapots can be quite complicated, and even Guo admits that they're an advanced topic.
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Some look like bulbous teapots or jugs; some feature extravagant handles that resemble people.
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Do you know how dry your mouth goes after three entire teapots of Earl Grey?
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Shandong is home to most of China's independent refiners, known in the trade as 'teapots'.
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They are often the first to discover homemade bombs, in toys, teapots, under a carpet.
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The ceiling was an inverted necropolis of timeworn lanterns and teapots suspended from the rafters.
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Build a collection of teapots, even though you only ever really use an electric kettle.
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Step one was to download software trained to recognize everyday objects such as toilets and teapots.
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Frenzied buying by the teapots followed, drawing in rare supplies from both Saudi Arabia and Kuwait.
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Independent refiners, often known as teapots, typically carry out their routine repairs later in the summer.
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Beyond re-stocking and teapots, analysts said China's economic performance has also been stronger than expected.
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Most of China's teapots are in Shandong, sucking in crude from West Africa, Russia, Oman and Brazil.
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ESPO has an API gravity of 35.57 degrees, much lighter than Oman oil, a favourite among teapots.
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"Angolan demand is driven by Chinese teapots that started to buy again this month," one trader said.
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The record volumes were a result of strong imports from China's private refiners, often known as "teapots".
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Before you know it, your own commentary becomes a whistling, six-burner range of tempests in teapots.
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There are also dimpled teapots crawling with painted ants and paperweight-size sculptures of horses and birds.
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Recently the central government has also tightened scrutiny over tax matters of independent refiners, known as teapots.
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"Imports were blocked for some time by their increasing demand this month," one trader said of the teapots.
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Major oil producers have shunned teapots after several deals fell through within months of them entering the market.
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In addition, the light jade coloring of the bar was inspired by ancient green clay teapots, Starbucks said.
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Russia's flagship Urals crude oil is one of the grades preferred by China's independent refiners, known as teapots.
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But today we are talking about tea cozies, those covers for teapots that help keep the tea warm.
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Also known as 'teapots,' the mainly Shandong-based plants account for a fifth of China's total oil imports.
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The Chinese teapots switch from fuel to crude should be one of the biggest factors affecting demand in 2016.
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More than 20153 teapots have qualified to import crude directly with a quota of 37.6 million tonnes for 2015.
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There are lots of teapots in all kinds of materials from glass and ceramic, to clay and cast iron.
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"Certainly we're going to see more talent outflows as the teapots have just begun hiring," the senior trader said.
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We take our time sipping a couple of the delicious brews while eyeing the shop's display of tiny $70 teapots.
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High crude inventories and large supplies waiting to offload at congested ports also reduced teapots' appetite for ESPO, they said.
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Similar stores, featuring cafés and sections selling products such as teapots and fabric bags, have been opening around the country.
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On top of all that, the chef had decided to add a "quirky" twist by serving the gravy in teapots.
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They feared the mines that ISIS fighters left behind -- in teapots, refrigerators -- all across the city as they abandoned it.
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Along the bar, in front of the booze, sat a line of orange ceramic teapots and jars of dark leaves.
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The Finum Brewing Basket is the best tea infuser for most mugs and teapots with its roomy fine mesh basket design.
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Last month, teapots lost 210 yuan ($2000) per ton of crude oil processed, data provided by Zibo Longzong Information Group showed.
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Some of its inventions have been ludicrous: internet-connected teapots, or an app that sold people coins to use at laundromats.
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Vitol and Unipec are mainly targeting Chinese independent refiners, or teapots, which have shown interest in taking the oil, traders said.
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Teforia's line of internet-connected teapots wasn't supposed to be Uber for tea, it was supposed to be Keurig for tea.
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The Finum Brewing Basket is the best tea infuser for most mugs and teapots with its roomy fine mesh basket design.
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The Finum Brewing Basket is the best tea infuser for most mugs and teapots with its roomy fine mesh basket design.
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Nevertheless, several women made names for themselves, including the metalworker Marianne Brandt, whose slick, otherworldly teapots became icons of industrial design.
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The Met tells the story of tea and politics with two semicircular cases filled with 100 teapots, all made in Britain.
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He arrived at the Tea & Sympathy annex, a small shop on Greenwich Avenue stocked with teapots, chocolate boxes and kitsch accessories.
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Teapots have been seen as a bellwether for China's oil demand since 2700 when they became first-time crude oil importers.
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The stoneware pottery — in bowls, platters, bakeware, teapots and more — is available in scores of patterns at prices starting at $15.
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The only complaint is that it is very fragile, but that's common for teapots of all kinds, whether they're ceramic or glass.
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The government has cracked down on smaller operators, often known as teapots, which often use outdated equipment to make lower grade fuels.
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" The orphans, she continues, over the sound of cast iron teapots and clinking teaspoons, "are those who want to leave or break.
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The 16 teapots together import 1.3 million barrels of crude per day, equivalent to more than 10 percent of overall Chinese imports.
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But it's not mainland data that economists are looking at; the tea leaves lie instead in the teapots of Beijing's Asian neighbors.
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The refiner also said higher crude oil prices would keep a lid on run rates at China's independent refineries, known as teapots.
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But Beijing's crackdown on alleged tax evasion in the oil industry, targeting the teapots, threatens to put a lid on Chinese demand.
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Trafigura is expected to move the cargo into storage tanks and then sell it in smaller parcels to teapots, the sources said.
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Tastings cost as little as $210, but one-of-a-kind teapots, cups and other ceramics can sell for several thousand dollars.
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He said that Wi-Fi enabled teapots in the UK have been compromised by hackers and used to obtain victims' usernames and passwords.
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"New investments by the likes of Rongsheng have the integration skills and scale of production that teapots could barely rival, " said IHS' Liu.
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Independent refineries nicknamed "teapots" have been a big client for the Russian ESPO grade due to low transportation costs and small cargo sizes.
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Still, the independent refineries, or teapots, will continue to be a key driver of the country's crude imports, estimates from Energy Aspects showed.
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Other sources said that Aramco's move was a feasibility test to explore whether it could start a long-term relationship with China's teapots.
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China started granting independent refiners, sometimes called teapots, crude oil import rights from 2015, resulting in a surge of overseas orders in 2016.
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Clay teapots retain flavor well; one should dedicate each teapot to a specific type of tea so that the flavor doesn't become corrupted.
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RE-STOCKING, TEAPOTS, RESERVES Michal Meidan of consultancy Energy Aspects said Chinese buyers were re-stocking after running down inventories late last year.
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The teapots had mainly consumed fuel oil as a feedstock and only largely began processing crude oil after winning import licences last year.
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ESPO crude is a popular grade among Chinese "teapots", or independent refineries, that collectively make up a fifth of the country's crude imports.
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The hotel's first floor retains its original Art Deco interior, with touches from its heyday, including Borg-branded silver teapots and wrestling ephemera.
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"Maybe teapots will take some cargoes, but the volume will be very limited," said a second Chinese oil executive, referring to independent refiners.
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Several have shut for maintenance to cut exposure to the market, and some teapots may have to shut for good if the conditions continue.
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Another key to the outlook for China's crude demand is how much the smaller, private refiners known as teapots will be allowed to import.
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I guess I was always attracted to the motif of their costume design — the earthenware, you know, the dragon-shaped teapots, things like that.
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A group of more than 40 independent Chinese refiners, sometimes known as "teapots", enjoyed bumper growth after Beijing allowed them to import crude oil.
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Here's hoping this particular tempest in a teapot resolves happily; but don't forget, there are a lot more teapots where this one came from.
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The Swiss merchant was among the more aggressive suppliers, extending credit periods for independents, also known as "teapots", to boost sales into the country.
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Teapots refiners instead bought more oil from Angola, which has less sulfur than most Mideast grades, and Venezuela, which offers cheaper high-sulfur grades.
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His delicate, minimalist porcelain vessels take the form everyday objects, like vases or teapots, and often include lines of poetry printed on the porcelain.
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Earlier this month, Aramco sold 730,000 barrels for June loading to Chinese refinery Shandong Chambroad Petrochemicals, one of about 20 independent refineries nicknamed "teapots".
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It's a pretty daring approach for a cookie book, and whether it works for you depends on how attached you are to sunlit teapots.
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Independent Chinese refineries, known as teapots, have even started reselling cargoes of West African crude to buy cheaper Brazilian or U.S. oil, according to traders.
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The private refiners, known as "teapots", bought 8.57 million tonnes of crude in November, or 1.94 million bpd, according to Refinitiv Oil Research and Forecast.
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Lured by the short shipping distance and six-year low crude prices, teapots paid strong premiums to secure Russian ESPO oil in the first quarter.
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"Either it's because of lower run rates curbing teapots' buying, or the buyers are having problems paying," said an executive with a western trading house.
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The teapots have also been a major contributor to China's total crude imports of 7.46 million bpd for the first four months of this year.
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State refiners have already been exporting fuels at record amounts, but a lack of export infrastructure is hampering teapots' efforts despite winning government export permits.
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Much of China's new demand also comes from the advent of non-state refiners - often called teapots - as crude importers, resulting in record refining throughput.
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For example, in teapots from the 18th century, the handles were carved from ivory to protect hands from burns, because ivory does not conduct heat.
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Qingyuan is based in the city of Zibo in the eastern province of Shandong where a majority of China's independent refiners, sometimes called teapots, are located.
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The park's legendary icons, Minnie and Mickey, get their own dedicated corner, with plates, bowls, spatulas, canisters and even teapots packed with polka dots on display.
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"A slew of other policies , including tighter scrutiny of tax compliance could further hamper teapots ' operations, and pose downside risks to teapot imports," the house added.
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On the other side of the room, "Tea Ceremony" holds two teapots—one Chinese, the other Japanese—in perfectly clear silicone, devoid of any fault lines.
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Independent refiners, known as 'teapots', raised their runs after receiving additional crude import quotas, while oil majors kept their throughput roughly flat year on-year, he said.
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A consumption tax of 40 yuan ($6.16) per tonne for selling the naphtha as a petrochemical feedstock has deterred the teapots from selling the fuel, sources said.
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Asian margins have lifted in recent weeks, pushing up demand from Chinese independent refiners - known as "teapots" - for crudes from Russia, Oman, Brazil as well as Angola.
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The showroom, on the 10th floor of a West 34th Street building, offers everything from practical straw hats to fantastical creations topped off with teapots or lobsters.
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It seemed like a good idea but the kitchen porter got the teapots mixed up in transport and guests were served gravy instead of tea for dessert.
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"It was a major policy decision for the government to let teapots import foreign crude, and we have not noted any change," said Chambroad's spokeswoman Sun Chaoyang.
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If you know someone who subscribes to that philosophy and has more teapots and tins of tea than you can count, you probably know a tea lover.
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Waiters carry large metal teapots, their flip-flops making a swishing sound on the concrete floors as they fill customers' cups and plop down platters of curry.
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Of course, we also celebrate the vast range of the designed world: teapots, interesting hairdos, clever companies, artists' communities, fabric, paint and rugs, jewels, clothing, even plumbing.
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She turns the damp wilderness of the Northwest into dreamy forest settings where her subjects sip tea from floating teapots, munch on clouds, and meet mystical creatures.
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Spot premiums for Russia's May-loading ESPO Blend crude oil, popular among teapots, fell to the lowest this week since exports of the grade began in 2010.
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Independent refiners, often known as teapots, are scooping up imports to blend into their gasoline because the country does not produce enough to meet growing consumption rates.
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The pick-up in imports by private refiners, often called "teapots", has boosted the physical prices of Middle Eastern and Russian oil to their highest in months.
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The teapots account for about one-fifth of the nearly 9 million barrels per day (bpd) of crude oil imported into China, the world's biggest oil importer.
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Stocks of surplus products like gasoline and diesel have been building since mid-2015, when Beijing started giving out crude import licenses to independent refiners, sometimes called teapots.
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As for the diversity of her work, one could note that variety didn't hamper the enduring legacy of Henry Dreyfuss whose designs included everything from tractors to teapots.
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Her practice, formally focused on creating functional objects such as teapots and flower vases, has moved towards wall sculptures, presenting two works that integrate bone with fine porcelain.
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Ms. Gannon-Graydon puts down place mats, cloth napkins, teaspoons and steaming teapots, as well as a motley assortment of teacups and saucers that convey a campy elegance.
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"Sometimes I'm scared to visit our refinery in Shandong as they drink too much," said a Chinese trader who buys crude on behalf of one of the teapots.
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IS has rigged everyday objects to trigger explosions powerful enough to bring down buildings—loaves of bread, teapots, fridges, vacuum cleaners and computers have all been rigged with explosives.
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Still, the teapots' ESPO demand may improve as several of them are building new units to further process the naphtha, including the largest, Shandong Dongming Petrochemical, the sources said.
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The slowdown in imports also reflected heavy maintenance activities at both state-owned and independent refining facilities, known as teapots because of their relatively smaller size, during the month.
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The dining car attendant's blue coffee pot was a part of a serving set that also included teapots, creamers, sugar bowls, water pitchers, and bud vases, according to Amtrak.
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Russian imports surged 50.2 percent in August to 4.64 million tonnes, or 1.09 million barrels per day (bpd), as demand from independent refineries, also known as teapots, picked up.
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"We have nothing now," Ms. Hill said, sitting in the lobby of the hotel, an airy room with tall ceilings and wall paneling adorned with teapots and cuckoo clocks.
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Without it, stars and planets would never form, humans and other life-forms would never exist, and teapots would never be made in the first place, broken or otherwise.
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"Throughput at Hengli and ... teapot refineries increased significantly," said Wang Zhao, head of crude oil research at Sublime Information Co. Independent refiners in China are often referred to as 'teapots'.
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Robust Chinese crude demand growth has been driven by independent refiners, also know as teapots, who began to import crude last June after obtaining government crude import quotas and licenses.
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But to the Clintons and their defenders, they're tempests in teapots, proof that the media will try to construe even the most meaningless incidents as evidence of the Clintons' perfidy.
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The rise of independent refiners - so-called "teapots" - since Beijing allowed them to start importing crude in July last year is already disrupting the refining business of Sinopec and PetroChina.
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Demand from the teapots have accounted for more than half of China's incremental crude purchases this year and have led to long lines of tankers waiting to unload at ports.
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Michal Meidan, Asia analyst with consultants Energy Aspects, said the plan is likely to weigh on teapots' margins, even though volumes of products sold to Sinopec may not fall significantly.
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"Teapots are cutting back utilization because of fears over the new consumption tax policy, which is supposed to work toward hampering tax evasion," said Harry Liu of consultancy IHS Markit.
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Zhang also aims to boost trading operations by combining physical oil and gas trading with financial services such as offering credit facilities for fellow teapots at better rates than banks.
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The porcelain manufacturers in Staffordshire, England, who made teapots understood that tea was helping to drive the colonies away from Britain, and they did not wait to exploit the rift.
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Among the brightly painted teapots, I spoke with Gary Lum, the man behind the counter, who shared his own story as well as that of the shop and the neighborhood.
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But Ms. Suarez Frimkess is at her best when glazing her own small hand-built vessels — plates, bowls, tiles, Japanese-influenced boxes, teacups and teapots — as well as small figurines.
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And in China the rise of independent refiners, known as teapots, has driven exports of gasoline and diesel as refineries churn out more fuel than even fuel-thirsty China needs.
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There are lots of different kinds of tea infusers, including brewing baskets, mesh metal balls, cute silicon infusers, as well as travel mugs and teapots with infusers built into the design.
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"The question now is whether the teapots will start cutting runs," a Singapore-based trader said, adding that falling Chinese demand would be a double whammy for the oversupplied crude market.
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Small refineries known as teapots have sprung up throughout the country, helping to boost employment in China, but also contributing to a glut of refined petroleum products like gasoline, Kilduff said.
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"Hengli's world-class scale, sophisticated refinery configuration that favors high-end petrochemicals and its location means it will be a killer competitor to teapots," said Harry Liu of consultancy IHS Markit.
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"Until the backlog of tankers is cleared up, the teapots will put a brake on buying in the near term," Michal Meidan, Asian analyst with Energy Aspects, said in a note.
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Seng Yick Tee, a researcher with consultancy SIA Energy, said he expected China's crude imports to rise by 600,000 bpd in 2017, with teapots accounts for two-thirds of the increase.
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After that, and after dancing the debka and shopping for spices and teapots in the market, some of the visitors said they found the tour "authentic," and others, not authentic enough.
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Last year marked the biggest penetration of mega private chemical giants into China's refining business, after the emergence between 2016 and 2018 of smaller independent oil processors often known as "teapots".
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The weakness was pronounced at China's independent oil refineries, known as teapots, which the market views as an indicator of real demand for the world's second biggest oil consumer, Kilduff said.
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Seng Yick Tee, a researcher with consultancy SIA Energy, said he expected China's crude imports to rise by 600,000 bpd in 2017, with teapots accounting for two-thirds of the increase.
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Independent refiners, often known as teapots, were losing between 300 yuan to 350 yuan ($49.73) on each tonne of crude oil they processed in June, their largest loss in nearly four years.
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Nearly half of the Russian ESPO exports landed at the port of Shandong, where most of the teapots are located, each month between February and April, data from Reuters Trade Flows showed.
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Only last year, China's independent oil refiners, known as teapots, were granted licenses to import crude in line with Beijing's efforts to boost competition in a sector dominated by state-run groups.
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Trade sources with knowledge of the deal say this cargo is heading to Shandong, putting Trafigura ahead of other major trading firms in being the first to sell Iranian oil to teapots.
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Almost all of the teapots are gathered in the coastal Shangdong province and are connected by pipelines to mid-size terminals that cannot accept the massive supertankers used by Middle Eastern exporters.
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But the plunge in global oil prices since 258 and the sudden rise of independent refineries known as teapots transformed the market by flooding the country's 90,000 petrol stations with cheaper fuels.
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Adding to the congestion is a lack of pipeline access to the teapots from the port, meaning that about 80 percent of the oil they buy has to be delivered by truck.
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Given the name "teapots" due to the perception that they were small-scale, with very simple refining units, many of the independents now have a more complex configuration than their name suggests.
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For clay teapots, the sound of the handle when you click it with the lid will indicate what temperature the pot was baked at and how thick or thin the product is.
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These refiners — known as teapots because of their small size — had been struggling because of limited market share, but with the crude import licenses, they quickly capitalized on low global oil prices.
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The independent refiners, known as teapots, drove China's crude imports in the first four months of 543 to all-time highs, rising 12 percent higher than the same period a year ago.
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Kathryn Bornemann, the owner of this shop for funky, midcentury western décor, has filled the place with eclectic estate jewelry, vintage hats, old signs, salvaged taxidermy, teapots, furniture and other rare finds.
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China's demand for low-sulphur crude, such as oil from Angola and Brazil, jumped over the past two years after its independent refiners, also known as teapots, were allowed to import crude.
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These independent refiners, nicknamed teapots, buy nearly one-fifth of China's crude imports and any reduction in their crude purchases would cap demand in what is now the world's biggest oil importer.
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Two cameras are capturing a semi-improvised scene where Brent butts into another conversation with a series of lame jokes about chocolate teapots and a "one-legged man in an arse kicking contest".
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Independent refiners, sometimes referred to as teapots, imported about 70.5 million tonnes of crude in 2017, up from 42.1 million in 2016, according to data compiled by Thomson Reuters Oil Research and Forecasts.
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In addition to the policy actions against them, the teapots have lost a major advocate with the departure of Shandong provincial governor Guo Shuqing, which further shrouds their future, said Energy Aspects' Meidan.
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He and a partner launched London-based WPP by buying a controlling stake in a publicly traded company that made wire baskets and teapots, then using it to launch a global shopping spree.
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"Strong demand from the teapots played its part, as they feared delays to their June quota renewal, and so (they) over-bought during Q1 2017," said Virendra Chauhan, oil analyst at Energy Aspects.
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"A number of teapots are starting new Crude Distillation Unites (CDUs) and secondary units, pulling in more crude," Meidan said, adding that there may also be some purchases of Strategic Petroleum Reserves (SPRs).
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Small-scale refiners known as 'teapots', mainly located in Shandong province, are coming under most pressure to make fresh output cuts, analysts said, extending curbs many of them made in May and June.
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Based in Shandong province — home to many of the non-state refineries known as teapots — Qingyuan operates a 104,000 barrel per day refinery and is one of China's largest independently run lubricant producers.
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Based in Shandong province — home to many of the non-state refineries known as teapots — Qingyuan operates a 104,000 barrel per day refinery and is one of China's largest independently run lubricant producers.
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His 10-square-metre tent is as organized as it is busy, with metal teapots dangling from a black cauldron, bags of sugar and rice stacked up, straw mats rolled up in a corner.
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Zhenhua's crude sales to such independents, sometimes known as "teapots", hit a record 6.5 million tonnes last year, or 131,000 bpd, equivalent to about 7 percent of overall teapot purchases, according to industry estimates.
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Hongrun's move to open in Singapore comes as Beijing looks set to stop granting fuel export quotas to teapots from January in a surprise move that could deal a blow to the upstart companies.
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Consumption by China's independent refiners, or teapots, has picked up sharply in August to around 1.4 million bpd, up 40 percent from near-record lows in July, as plants return from prolonged summer maintenance.
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Some traders even expect demand to spike in the fourth quarter, as seen late last year as teapots rushed to use up quotas to build their case for maintaining or increasing future quota allocations.
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Independent refiners, known as teapots, have shaken up China's oil industry this year, accounting for most of its crude import growth since receiving import licenses for the first time near the end of 2015.
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Next year, teapots will contribute 21.26,000-400,000 barrels per day (bpd) to China's crude import growth, out of an overall import rise of 500,000-700,0003 bpd, according to estimates from research consultancy Energy Aspects.
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Teapots operated at 58 percent of capacity in April, falling below 60 percent for the first time since October and down from record rates of almost 65 percent in February, according to BMI Research.
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That is creating a domestic shortage that China's independent refiners - often called teapots - are rushing to meet, while also raising their output to profit from a hike in state-controlled gasoline and diesel retail prices.
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"The environmental campaign shut down many of the smaller chemical plants, which helped lift our sales," said a manager with Shandong Dongming Petrochemicals, one of teapots raising crude runs to profit in the current market.
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The change in preference shows the transient nature of crude purchases from the new Chinese buyers, also known as teapots, who are still trying out different crude grades to identify suitable types for their refineries.
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Several traders and shippers said BP was unlikely the only seller caught off guard by the slowdown in demand and the teapots' troubles, although all said stranded cargoes of this size and duration is rare.
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Vitol and Unipec are mainly targeting Chinese independent refiners, or so-called teapots, that have shown an interest in taking the oil which could be mixed with other crudes to make it usable, traders said.
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Thomson Reuters Research and Forecasts estimates teapots will import about 5 million tonnes of crude oil in December, or 1.18 million bpd, highest since the independents were allowed to staring importing crude in mid-2015.
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Teapots now have some 1.26 million bpd in crude quotas, and their rise in the market has forced state refiners to scale back some refinery operations and sent China's fuel exports surging to record highs.
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With over 1 million bpd in quotas finally approved so far, teapots are set to step up purchases further this year, as most won permits only towards the end of 2015 or in early 2016.
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Private refiners, also known as teapots, received quotas for 70.65 million tonnes of imports, more than 6003 percent lower than the first batch of quotas issued last year, according to the documents and Reuters data.
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In an attempt to make crude imports more efficient, Dongming has formed an alliance with 17 other teapots to coordinate purchases, potentially further reducing the number of orders for oil shipments to the Shandong refiners.
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Industry executives and analysts said nearly 22 private refiners, often called "teapots" - which account for a fifth of China's almost 2.33 million barrels per day (bpd) in crude oil imports - are losing money and market share.
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"Think of all those anecdotes of octopuses' impish misbehavior—hiding inside of teapots, pushing toys around, taking valves apart and flooding rooms, squirting jets of water at the researchers who try to study them," Engber writes.
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In a report on Tuesday, BMI Research noted headwinds for independent refiners or "teapots" in China, including limited storage and pipeline capacity in the Shandong province, where around 70 percent of China's independent refiners are located.
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The teapots' buying was supported by Beijing's recent move to freeze domestic pump prices when benchmark crude prices go under $40, effectively locking in processing margins as Brent and U.S. oil hold near 12-year lows.
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Three local companies, led by Qingdao Port International Co. Ltd, plan to build two side-by-side 216-kilometre (134-mile) pipelines to link Qingdao's Dongjiakou port area with Weifang, which is home to several teapots.
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The companies have also started building an 11.3 million-barrel crude oil storage site in Weifang, which is a transfer point and home to several teapots including the 100,000 barrel-per-day Sinochem Hunrun Petrochemical Corp.
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The ESPO crude cargoes will be shipped out of the Kozmino port in Russia's Far East, which is around 1.53,000km from Qingdao port in China's Shandong province, home to many independent refineries, also known as teapots.
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But executives warned that profits for teapots are still razor thin and smaller operators are struggling with the lingering issues of more stringent tax collection and higher crude prices, potentially requiring some to close for good.
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Once the mugs and teapots have taken their shape at his studio in Enfield, England, he drives them to his cottage in Wales, where they go in the kiln and receive a precise dusting of salt.
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Since early 2016 Hongrun has also become a regular refined fuel exporter and one of the largest by volumes among teapots, including a rare shipment of gasoline cargo to the United States moved by Swiss trader Trafigura.
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For decades, this man has lived surrounded by rusted spoons sharpened into knives, teapots made from tuna tins, bullet casings—and yet he resents it when a foreign visitor is disturbed by these artifacts of human suffering.
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She was considered as attractive as her fetching fiancé, and had an ideal visage for the commercialized nationalism that even today keeps the United Kingdom's gift-shop industry awash in Big Ben snow globes and Victorian teapots.
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Norwegian oil firm Statoil has already sold some 4 million barrels via two tankers ex-ship at Qingdao to teapots that will arrive in April, and it has booked a third VLCC to sail to the port.
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The mostly privately run refineries, known as "teapots", have upended China's oil market after Beijing began allowing them to import crude in late 2015 in an effort to shake up a market dominated by state-owned majors.
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There were bowls of spices and beans of every hue, hot goat's milk poured from dirty metal teapots atop charcoal briquettes into small plastic cups like the ones John used at the dentist's to rinse and spit.
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Beijing has since July 2015 allowed more than 20 small independent refineries, nicknamed "teapots", to import crude oil for the first time, leading to refining overcapacity that has resulted in China exporting record volumes of oil products.
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However, steady run rates at China's independent refineries, known as teapots, and an increase in their gasoil exports will keep a lid on margins in the region, SK Innovation said on Friday, while announcing its second-quarter results.
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The improvement in margins will, however, be moderate as China's teapots are expected to ramp up gasoil exports with domestic industrial demand staying weak, Lee Yunhi, head of SK Energy's corporate planning office, said on a conference call.
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But for me, the highlight of that day wasn't Goodwood House and its gorgeous grounds, the tea served from silver teapots down at the start line, nor even the wonderful lunch in a grand room of the house.
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But while the teapots are processing more crude oil, China is simply putting gasoline and other refined fuels back on the global market, particularly in Singapore, but also in Europe and, more recently, the United States, Kilduff said.
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What is apparent is that the fortunes of China's independent refiners, often called "teapots", have turned for the worse amid escalating global trade tensions, rising crude oil prices, an oversupplied domestic fuel market and tighter government tax scrutiny.
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Also, with teapots concentrated mostly in the eastern province of Shandong, an ability on plant visits to withstand drinking bouts could also be critical as official at some refineries there are renowned for their large capacities for alcohol.
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As I chatted with de Wilde among the framed antique plates hung on the walls of the Whitby's restaurant, our conversation was interrupted at least four times by the highly attentive staff refilling our tea from embellished teapots.
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Traders who handle oil sales to Chinese teapots said they have been shown cargoes of Urals crude that contain organic chloride ranging from 30-50 parts per million (ppm) to 200 ppm with sellers asking for price quotes.
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Trade flow data on Eikon, however, shows Brazilian exports to Shandong look set to drop in the third quarter - before the additional Buzios platforms start up - as poor margins and tighter credit have forced teapots to cut runs.
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Straight-run fuel oil consumption slumped as the refiners bought crude oil, which yielded a higher volume of higher-value products such as gasoline and diesel than the SRFO when processed and boosted profit margins for the teapots.
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How many of those legions of figures who gambol through stage adaptations of animated movies — teapots, lions, fake Russian princesses, ad infinitum — seem to have been transliterated from the screen without any dilution of their inked-in essence?
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It works as an invitation to explore the dark corners of prog: its international reach, its cultish esotericism and its fondness for ostentatious album covers adorned with flying teapots, armadillo tanks and fantasy landscapes as detailed as the music.
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"With major oil companies ramping up exports to use their additional quota, regions such as northeastern provinces showed tightness, giving teapots more space to sell their products domestically," said Gao Jian, an oil analyst with China Sublime Information Group.
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In the meantime, teapots are seeking alternatives, with West African crude arrivals to Shandong rising 35 percent in April from December and deliveries from South America increasing 50 percent over the same time frame, Reuters Trade Flows data showed.
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But sources told Reuters the sale was agreed on condition Trafigura would market the crude to Chinese teapots, which are outside NIOC's usual Chinese clients - state refiners Sinopec and PetroChina, and that the oil would be offloaded at Shandong.
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Russian exports have been boosted by the emergence of China's independent refiners, known as "teapots", which have quotas to import the equivalent of about 20 percent of China's crude imports, which have hit a record of 8 million bpd.
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This has created delays for tankers that have quadrupled to between 20 to 30 days at Qingdao port in Shandong province, the key import hub for the plants, known as teapots, according to port agents and ship-tracking data.
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The teapots' preference for smaller-sized cargoes due to port constraints helped push Russia up China's supplier list to the No.2 spot after Saudi Arabia, with Russian volumes surpassing those of the Saudis for four months in 2015.
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Three industry officials informed of the plan said the fuel marketing office at Sinopec's headquarters will negotiate directly with China's independent refiners, sometimes known as teapots, and other third-party suppliers over volumes and prices for gasoline and diesel.
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Shandong, home to nearly 22015 independent oil plants nicknamed "teapots" due to their relatively small processing capacity, posted a 9.53 percent increase in crude imports in the first four months of 29.5 on a year ago, customs data showed.
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BEIJING (Reuters) - China's crude oil imports fell for a second month in a row in June to the lowest since December, as shrinking margins and volatile oil prices led some independent refiners, known as "teapots", to scale back purchases.
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At the Halcyon Days ceramics factory in Stoke-on-Trent, a city in central England famed for its pottery, porcelains and bone china, the firm is busy manufacturing a range of mugs, plates and teapots to commemorate the marriage.
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Although the canvases are composed of layers of flat color, the barely defined subjects — food, domestic animals, teapots and other containers — are outlined with two or three veins of contrasting color that create a glowing effect, like neon tubes.
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De-miners and their supervisors in Iraq frequently trade reports and details of other Islamic State-made booby traps, among them dolls, stuffed animals and plastic trucks, as well as teapots, fire extinguishers, flashlights and copies of the Quran.
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Record oil imports of 8.56 million barrels per day (bpd) in December buoyed crude futures, with shipments expected to continue rising in 2017 as domestic output slows and Beijing issues more import quotas to independent refiners, known as teapots.
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Saudi Arabia, the world's biggest oil exporter, has been surpassed by Russia in the past three years as the top crude supplier to China after a new pipeline boosted supplies and private refiners, known as "teapots", sought more Russian oil.
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China's crude demand, which is usually strong ahead of the peak winter season, has been stoked further as some Chinese independent refiners, known as teapots, are snapping up cargoes to use up import quotas by year-end, the sources said.
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Export quotas for products will also be important, because if both state majors and teapots can export more refined fuels, they may import more crude, especially if margins for key products such as diesel and gasoline remain robust in Asia.
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Read More China's teapots eat into crude glut, but build Asian fuel surplus For some producers, the high cost of stopping and restarting production has also spurred them to keep pumping and hope prices will rise again soon, he said.
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"Sentiment in the oil market remains morbid even though the physical market is perhaps showing some signs of emerging green shoots, thanks to Chinese teapots (refiners) slowly starting to come back to the market for crude," consultant Energy Aspects said.
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China issued new tax rules in January that aimed to address a long-held complaint by China's state-owned oil companies that privately owned refiners and blenders, known as teapots, have grabbed market share by undercutting their prices through tax avoidance.
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Singing cats, singing founding fathers, singing teapots: Musical-theater audiences will go along with pretty much anything, so the story of a child who becomes possessed after eating the fruitcake from hell — a literal description — is not particularly far-fetched.
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That was 80,000 tonnes sold to Sinopec at 5,300 yuan ($769.48) a tonne at an ex-plant rate, which is 700 yuan, or 12 percent, below prices offered by Shandong teapots, said two sources with direct knowledge of the transaction.
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Some of those universes may have started in conditions of maximum disorder, with nothing driving change, no distinction between future and past, where atom-size pottery shards gather themselves up to form atom-size teapots as often as the reverse.
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The steam cracker, which is due for start-up by mid-1.13, marks the biggest investment yet in petrochemicals by one of China's private refiners as the country's so-called "teapots" look to diversify away from the saturated local fuel market.
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The drop in spot premiums for Russian ESPO ESPO-DUB, one of the most popular crude grades for Chinese independent oil refiners, also known as "teapots", could signal softer demand for other types such as Brazil's Lula and Angolan crude.
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The economic slowdown will add to an expected plunge in fuel oil demand as the majority of China's independent refiners, known as teapots, turn to crude oil instead of fuel oil as their primary feedstock for making fuels such as gasoline and diesel.
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The push by Exxon, the world's biggest oil and gas company by market value, to court the independent refiners, known as teapots, illustrates the clout they are exerting on the global oil market since winning crude import licenses from the government in 2015.
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The freeing up of China's crude trade in late 2015 by giving import permits to independents has led to a hiring spree as the teapots set up their own trading operations, luring traders, marketers and risk managers away from established state-owned giants.
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Tianhong Chemicals, located in Dongying in the eastern province of Shandong, is one of more than 40 independent refineries, sometimes known as "teapots", that were allowed to import crude in late 2015 as part of efforts to open up China's oil market.
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BEIJING (Reuters) - China has issued crude oil import quotas for 2017 of 1.5 million tonnes to three independent refiners, three sources familiar with the situation said on Saturday, a sign Beijing is easing its policy toward these companies sometimes known as teapots.
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"For the teapots, crude imports (and ensuing product sales and exports) are also an opportunity to expand their share of the domestic retail market and to develop a regional footprint in Asia and potentially beyond," said Michal Meidan, an Energy Aspects analyst.
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These independents, known as "teapots" since they are smaller companies than their state-owned rivals, are scrambling to survive shifting government policies at the same time domestic oil demand growth is slowing, undermining their ability to expand by just serving their home market.
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Russia has filled the majority of the surging demand from China's teapots, most of which were only allowed last year to import crude, pushing it to China's biggest oil supplier in March and in four separate months in 2015, nudging aside the Saudis.
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"For the Saudis, offering a spot cargo to a teapot signals they want to bite back at the Russians, who have supplied most of the demand by the rising teapots," said a senior trader who has done deals with Saudis and Chinese importers.
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The hefty increases in imports were driven primarily by a new group of importers, independent oil plants also known as "teapots", which were allowed into the market in late 2015 in a bid to encourage more private participation in the oil sector.
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China is one of the top targets for Russian oil after small, independent oil plants nicknamed "teapots" won the right to import crude for the first time just several months ago and hectically started placing orders towards the end of last year.
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Beijing enacted new rules in March to enforce collection of a $38 per barrel gasoline consumption tax and a $29 per barrel tax on diesel, a response to the alleged use of illicit fuel invoices by many of the teapots to evade the taxes.
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From the austere beauty of Tang dynasty bowls and the fanciful Oriental scenes painted on Georgian teapots, to the haunting sounds of tea-pickers' songs from Bengal, the arts of tea have blended into every culture that has learned to enjoy a proper cup.
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Designed to help commemorate the 300th anniversary of a popular Japanese store called Nakagawa Masamichi, the Monopoly Japanese Traditional Arts & Crafts Edition features a beautifully redesigned board that has players buying up companies that specialize in producing items like Daruma dolls, teapots, or handmade toys.
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He plans to build a retail fuel network in Europe through acquisitions and supply it with gasoline from refineries in Romania and China, the latter after consolidating some independent Chinese refineries known as "teapots", according to a script of his presentation reviewed by Reuters.
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Facing strict government scrutiny on taxes since March and oil prices near $5.53 a barrel, independent plants, sometimes known as 'teapots', were forced to scale back operations over the second quarter, many taking advantage of the adverse market conditions to carry out maintenances, analysts said.
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As China's No.2 supplier last year, Russia could further narrow the gap with the Saudis in 2016, as demand is expected to grow from the teapots that have together won 1.45 million bpd in crude quotas, or about 0003 percent of China's total imports.
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That landmark show served as a noteworthy precursor to the later Good Design exhibitions at the Museum of Modern Art in New York, which showcased accessible, high-quality, modern-style objects for everyday use ⎯ tools, lamps, teapots, chairs ⎯ and championed the aesthetic outlook that had informed them.
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Armed with quotas that could make up a fifth of total Chinese crude imports this year, the independent refiners, nicknamed "teapots", are seeking barrels from Asia, the Middle East, Europe and South America, and are prepared to pay top premiums to secure deliveries out to April.
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The move by China's so-called "teapots", a key driver of the country's crude appetite, will stir concerns about demand in the world's top oil buyer, which fell from a peak of 9.2 million barrels per day (bpd) in March to 83 million bpd in April.
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"Wiener Werkstätte, 1903-1932: The Luxury of Beauty," a handsome exhibition full of covetable objects at the Neue Galerie on Fifth Avenue, tells the story of Vienna's most glamorous design firm, which was always better at fabricating teapots and printing textiles than at turning a profit.
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Frenzied buying from the teapots to stock up on cheap crude in the first quarter helped push prices to 0003 highs last week, leading to long lines of tankers waiting to unload at ports in eastern Shandong province, where most of the independent plants are located.
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"In order to improve market share in China, and considering the entry of the teapots in the international market, Petrobras considers that it is necessary to have a professional fluent in Mandarin for the specific development of this market," the company said, without confirming the new hire.
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Joseph B. Keller, an honored mathematician who figured out what makes a jogger's ponytail swing from side to side, why teapots dribble, how earthworms (but not snakes) can wriggle even on glass and, in his spare time, whether underwater nuclear tests could set off tsunamis, died on Sept.
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The 3.9 billion yuan ($566 million) project with conglomerate CEFC China Energy and Rizhao port authorities comes as China's teapots refiners emerge as a catalyst in the global oil market, ramping up Russian and U.S. imports in frenzied buying that has led to tanker queues and scarce storage space.
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" If you're wondering what input topic elicited this deadpan parade of stereotypical and strangely unexciting suggestions for a lady who apparently has everything yet still desires handmade and bespoke curios, or at least a coupon to go skydiving, it was a request for an article about "chocolate teapots.
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China's independent oil refiners, known as teapots, were granted licenses to import crude only last year, and their emergence has acted as a catalyst to turn around one of the steepest price routs ever, which saw crude futures tumble by more than 70 percent between 2014 and early 2016.
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Awarding crude import quotas of up to 1.2 million barrels per day (bpd) to China's teapots has started a tussle for talent as the refiners - and the oil majors and trading houses that aim to supply them - dive into an activity previously restricted to state-owned enterprises (SOEs).
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Mr Feng declares the vessel "a beggar's bowl", to chortles from his workshop As olive trees that have not been burned by invaders were a sign of peace in ancient Greece, so china tureens and teapots held in a family for generations have become markers of a genteel and secure life.
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Called "teapots" due to the small capacities of their plants compared with the big state-run refineries, the independents made up nearly 266 percent of China's crude oil import growth this year, helping to put the world's No.2000 economy on course to challenge the United States as the top importer.
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Plans by state oil majors to bring on new refining capacity later this year will help offset some import losses, but lower appetite from teapots and the potential for falling output indicates that the boom among this group of upstart refiners that has transformed China's oil market may be slowing.
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They would send back loads of plates and teapots from Hong Kong in stamped wooden crates; 200 of these crates collect dust in the shop's basement, and Ms. Lum started a contest for local artists to re-envision them (an extra-long skateboard and a garden bench are among the entries).
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Two independent refiners based in the eastern province of Shandong, home to most of China's teapots, have each bought an 80,000 ton cargo of straight-run fuel oil (SRFO) cargo, together totaling about 383 million barrels, for April and May delivery, according to three traders with knowledge of the deals.
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Several have set up offices in Singapore, including Shandong Dongming Petrochemical Group and Shandong Chambroad Petrochemicals Co. An operation in the Asian oil hub will allow the teapots to have more direct reach to global crude oil suppliers and customers for fuel exports, and also broaden access to bank financing, traders said.
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"With Qingdao port nearly saturated, Rizhao stands out with its ideal location, with easy access to teapots to the north and close also to Lianyungang, one of China's planned future petrochemical hubs to the south," a CEFC executive told Reuters, declining to be named as he was not authorized to speak to media.
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But India has been making good stuff for a long time: the chintz and calico that gave Europeans their first taste of real fashion, the teapots over which Americans plotted their independence, the indigo that suited armies the world over, the jute which made tough gunny sacks, and even the manhole covers sealing American sewers.
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A preference for low-sulphur oil produced in the Americas by China's private refineries, the so-called "teapots", helped boost imports from the region, while increasing U.S. shale output and production cuts by the Organization of the Petroleum Exporting Countries have made it economical for traders to send huge volumes of crude from west to east.
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A preference for low-sulphur oil produced in the Americas by China's private refineries, or so-called "teapots", helped boost imports from the region, while increasing U.S. shale output and production cuts by the Organization of the Petroleum Exporting Countries have made it economical for traders to send huge volumes of crude from west to east.
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Beginning in the 1990s, with the growth of stores like Target, cultural commentators spoke often of the democratization of design — the phrase was trotted out to the point of linguistic abuse — a reference to the notion that clothes, teapots, place mats and so on, created to the standards of elite tastes, were now available to a mass audience.
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Complex cocktails arrive in ornate teapots or nestled in tiny chafing dishes: the Painted Veil (Scottish-toffee-pu-ehr-tea-infused Beefeater gin, Hong Kong Baijiu) is a frosted chalice of smoky caramel, while the Snake in the Grass (Tanqueray gin, coconut water, makrut-lime leaf) offers a compelling argument for pairing alcohol with Greek yogurt.
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Short of retail infrastructure and barred from exports, teapots sell oil mostly to the country's 40,000-plus private petrol stations, many run by families or independent fuel dealers "The huge surplus the teapot oil plants have created is eroding the 80-percent market share the two oil giants used to hold several years ago," said Yan Kefeng, veteran oil researcher with IHS Markit.
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In China, independent refiners known as 'teapots', which account for about a fifth of the country's crude imports, operated at below 23% of capacity on average in April through May, versus 22% in the first quarter, said Zang Wengang, an analyst with Sublime Information Co. A spokeswoman for SK Innovation spokeswoman declined to comment, while SRC did not respond to a request for comment.
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In addition to the universal lessons taught by all classic Disney princess films, such as animals (or talking teapots, tea cups and other furniture) are legit the greatest friends on earth and perhaps life is better if you break out into random song ðŸ¤"  â€" the leading female characters have provided us with a trove of invaluable romance, fashion and general life advice.
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From the middle of the 19383th century until the middle of the 158th century, Wuhan was a city that regularly appeared in the international press and, as a trading hub for teas and silks among other commodities, it directly impacted the lives of people in the West -- it made the tea in their teapots, the powdered egg in their birthday cakes, the silk for their pajamas.
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BEIJING, March 26 (Reuters) - * China's Shandong Wonfull was the first independent oil refiner to trade the newly-launched Shanghai crude oil futures in the early morning session, a company source told Reuters * The source did not give any further details * Independent refiners are often known as teapots * Glencore was the first company to trade the derivatives which debuted on Monday morning (Reporting by Meng Meng and Josephine Mason; editing by Richard Pullin)
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You have well-known actors in the main roles: Emma Watson (who is just fine but probably too smart for this sort of role, even with a "reimagined" Belle) in the lead, Dan Stevens as the Beast, Kevin Kline as the dad, Luke Evans as a duller Gaston, and a host of twinkly-toned stars as all the teapots and brooms and cupboards in the castle, including Ewan McGregor, Emma Thompson, Stanley Tucci, and Ian McKellan, none of whom, alas, can measure up to Jerry Orbach and Angela Lansbury.
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BEIJING, Feb 13 (Reuters) - * China Petrochemical Corp, known as Sinopec, says it has signed a strategic cooperation and marketing agreement with Hengli Petrochemical * The two sides will cooperate in chemical product sales, supply of chemical raw materials, and related storage and transportation, Sinopec said on its website on Tuesday * The agreement will help both sides extend their market influence, said Sinopec, China's biggest oil refiner and petrochemicals supplier * Hengli, a private chemical manufacturer based in China's northeastern city of Dalian, is expected to launch a 400,000-barrels-per-day oil refinery in the fourth quarter * Sinopec has been stepping up cooperation with independent refiners, known as "teapots", which present a growing challenge to its business * Hengli signed an oil procurement and marketing deal with Sinochem Corp, another state-run oil and chemicals conglomerate, in January (Reporting by Tom Daly; Editing by Dale Hudson)
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