China's Yulong Petrochemical on Monday said it had signed memorandum of understanding agreements with BP and Chevron to supply its 400,000 barrel per day greenfield refinery in northern China.
The Yulong refinery will help Shandong, China's No.3 provincial economy, scale up its fragmented refining sector, made up of some 60 small refiners, in line with Beijing's push to close inefficient plants and build large, competitive manufacturers.
The province was expected to have closed down 10 smaller refineries with combined refining capacity of more than 500,000 barrels per day by the end of last year to make way for the Yulong plant. Yulong Petrochemical is 51% owned by private aluminium smelter Nanshan Group, 46.1% owned by provincial government-backedTo extend the mega complex's value chain, Longkou government told the forum that it is planning a new chemical park close to the Yulong project to produce high-end chemicals such as degradable plastics and special fibre used for high-performing sports products and safety gears.
Longkou, a county-level city south of Bohai Sea with an annual industrial output of 138.1 billion yuan last year, is also where China's state-run Sinopec is building a large regasification terminal for liquefied natural gas.Reporting by Aizhu Chen in Singapore.
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