China to Shutter Teapot Refineries for Upcoming Mega Complex

The Shandong Province of China is expected to close in 10 independent refineries with over 500,000 barrels per day capacity by the end of 2022 in order to clear a path for a new integrated refinery already under construction.   China began plotting this closure plan in June of 2020 as the $20 billion dollar Yulong Integrated Refinery Complex was preparing to begin construction of a 400,000 barrel per day refinery and an associated 3 million ton per year ethylene plant at this time last year. This project is due online in the 2025 timeframe. This plan was conceived as a way to push economic recovery for the market as the region was recovering from the pandemic. This scheme initially focused

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