Published on October 13, 2017
The independent oil refineries of China has formed joint venture in order to compete with state owned giant refineries and other private chemical giants. This new alliance has been named as Shandong Refining & Chemical group. This joint venture has been set up at the cost of 5 billion dollar and gathers six independent oil processors and a provincial government-backed fund as investors, and was registered in late September. Members of the alliance are expected to coordinate their production, marketing, crude oil imports and investments.
The seven oil plants owned by the six partners have government approved crude oil quotas totaling 23 million tonnes a year, or about 460,000 barrels per day (bpd).
The group as a whole has a refining capacity of 32.6 million tonnes a year or 661,000 bpd.
