• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 2 hours Why Wind is pitiful for most regions on earth
  • 4 hours In a Nutshell...
  • 18 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 14 mins Why Oil could hit $100
  • 3 days Happy 4th of July!
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 4 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 4 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 1 day Coronavirus hype biggest political hoax in history
  • 3 days Apology Accepted!
Gulf Oil Producer Oman Is Quickly Running Out Of Options

Gulf Oil Producer Oman Is Quickly Running Out Of Options

Oman’s high breakeven price per…

A Look At Europe’s Ambitious $140 Billion Hydrogen Plan

A Look At Europe’s Ambitious $140 Billion Hydrogen Plan

Europe’s $1 trillion Green Deal…

China Revives Plans For Huge $20B Refinery, Petrochemical Complex

China has given the go-ahead to plans for a huge $20-billion refinery and petrochemical complex in the Shandong province, the home of the country’s independent refiners, Reuters reported on Tuesday, citing two industry sources familiar with the approval process.

The mega petrochemical complex has been years in the planning, but now it looks like the world’s top oil importer is looking to spend money on oil infrastructure in order to reinvigorate the economy hit by the coronavirus.

China’s National Development & Reform Commission (NDRC) approved the Shandong Yulong Petrochemical project on Monday, Reuters’ sources said.

The complex in the Shandong province – where most of China’s independent refiners, the so-called teapots, are based – is expected to host now the mega project which analysts expect to become operational at some point at the end of 2024. Shandong Yulong Petrochemical will have an oil refinery with a capacity to process 400,000 barrels per day (bpd) and an ethylene plant producing 3 million tons per year. According to Reuters’ sources, the investment in the project will be some US$19.7 billion (140 billion Chinese yuan).

Some independent refiners in Shandong have struggled in recent months after huge refineries such as Hengli Petrochemical and Zhejiang Petrochemical began operations last year.

The Shandong Yulong Petrochemical project, while helping China’s petrochemicals industry by reducing imports, could exacerbate the glut of refined petroleum products in the country, according to Reuters.

Meanwhile, China’s crude oil imports are set to increase by 2 percent in 2020, despite COVID-19, thanks to the low oil prices, according to a research think-tank affiliated with state oil giant China National Petroleum Corporation (CNPC).  

Last month, China’s National People’s Congress (NPC), the most important policy-setting annual event in the Communist country, didn’t set an annual target for economic growth because of “great uncertainty” of the recovery from the coronavirus.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News