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PETROCHINA (00857.HK) Plans to Shut Down Largest Refinery in Dalian Next Yr: Report
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PETROCHINA (00857.HK) plans to shut down its largest refinery in Dalian by mid-2025, marking the first major plant closure for the company, Reuters, citing sources, reported. The refinery has a daily output of 410,000 barrels, accounting for 3% of China's total refining capacity. Currently, PETROCHINA has already shut down a capacity of 210,000 barrels, about half of the refinery's total crude processing volume. The report stated that closing the Dalian plant is part of PETROCHINA's long-term plan to relocate refineries away from densely populated areas. According to an agreement announced by Dalian authorities in November 2022, PETROCHINA's parent company agreed to build a RMB70 billion refinery and chemical complex on Changxing Island, about a two-hour drive from downtown Dalian. This includes a crude oil refinery with a daily output of 200,000 barrels and an ethylene complex with an annual output of 1.2 million tons. However, sources indicated that the project is still in the feasibility study phase, and PETROCHINA has yet to make a final investment decision. AAStocks Financial News |
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