China's macro economic planner the National Development and Reform Commission is likely to allow another three local refineries from east China's Shandong Province to process imported crude oil, according to releases by China Petroleum and Chemical Industry Federation (CPCIF) on Thursday.
Entrusted by the NDRC, the CPCIF has carried out field check with operations of the three refineries and thus gave preliminary conclusions. Shandong Huifeng Petrochemical Group Co., Ltd., Shandong Tianhong Chemical Co., Ltd. and Shandong Shouguang Luqing Petrochemical Co., Ltd. would be allowed to refine 4.16 million tonnes, 4.39 million tonnes and 2.58 million tonnes of crude oil each year, respectively.
The three local refineries all guaranteed to meet governmental requirement on Guo-V emission standards of product oil by the end of 2015. Shandong Huifeng Petrochemical Group Co., Ltd., Shandong Tianhong Chemical Co., Ltd. and Shandong Shouguang Luqing Petrochemical Co., Ltd. had 3.72 million tonnes, 2.33 million tonnes and 2.4 million tonnes of crude oil throughput in 2014, respectively.
The above-mentioned three companies plans to retain 5.8 million tones, 5 million tonnes and 3 million tonnes of crude oil processing capacity after phasing out out-dated refining facilities. The NDRC is expected to issue formal statement on approved yearly quota for processing imported crude oil with the three enterprises in the coming weeks.
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