SINGAPORE (Reuters) – China’s state planner has given initial approval for a $20 billion refinery and petrochemical project to be built in Shandong province, the country’s hub for independent oil refineries, said two persons with knowledge of the matter.
China’s National Development & Reform Commission (NDRC) gave a greenlight on Monday for the Shandong provincial government to start planning a 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, said the two China-based industry sources.
The sources declined to be named as they are not authorized to speak to the media.
A Yulong Petrochemical representative did not immediately comment. The NDRC did not immediately respond to a Reuters’ request for comment.
(Reporting by Chen Aizhu; Editing by Tom Hogue)
