As a byproduct of crude refining process petroleum coke features a low ash content, moderate volatility and a high heating value.

石油焦是炼油工艺的副产品，具有低灰分、一定挥发份和高热值的特性。

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China, although it is set to remain a big importer of crude, is desperate to become at least self-sufficient in refining.

拿中国来说，尽管它是一个原油进口大国，但仍急于实现在炼油方面能够自给自足。

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Singapore is a major refining center and transshipment point for crude oil shipments between markets in East Asia and the other oil-rich Gulf region.

新加坡是世界上一个重要的炼油中心，也是东亚各国与石油资源丰富的海湾国家之间的原油转运点。

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But, even if China had heavy-crude refining capacity--which it doesn't--it wouldn't make economic sense to trade the four-day boat trip to Houston for a 40-day ride across the Pacific.

FORBES: Hugo's Folly

Former PDVSA executives recognized that the U.S. was their primary market, and it didn't make any sense to allow foreign investors to reap the rewards from investing in heavy-crude refining capacity.

FORBES: Hugo's Folly

Specifically, Icahn cited widening crack spreads, or the difference between crude oil prices and the price petroleum products that come from refining the crude.

FORBES: Billionaire Carl Icahn Scraps Plans To Take CVR Energy Private