China's oil hub Shandong has embarked on a plan to shut down capacity of half a million barrels per day shared among small, independent refiners to make way for a giant complex that should spur economic recovery from the coronavirus crisis.
SINGAPORE/BEIJING - China’s oil hub Shandong has embarked on a plan to shut down capacity of half a million barrels per day shared among small, independent refiners to make way for a giant complex that should spur economic recovery from the coronavirus crisis.
The planned 400,000 barrel-per-day refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country’s hub for independent refineries, sometimes referred to as teapot refineries, had long failed to get approval as China struggled with excess refining capacity. That has prompted Shandong to accelerate a plan dating from 2018 to close 500,000 bpd in capacity over the next two-to-three years, Shandong-based industry officials and consultancies said.The Shandong government, which has yet to make public any details of the restructuring, did not respond to Reuters’ requests for comment.
The semi-official China Chemical News reported last week the Shandong government has asked creditors of the targeted plants, mostly state-run banks, to stop chasing debt repayments and urged compensation to be prioritised for relocating workers and investing in new projects.
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