China has given the go-ahead to plans for a huge $20-billion refinery and petrochemical complex in the Shandong province, the home of the country’s independent refiners, Reuters reported on Tuesday, citing two industry sources familiar with the approval process. The mega petrochemical complex has been years in the planning, but now it looks like the world’s top oil importer is looking to spend money on oil infrastructure in order to reinvigorate the economy hit by the coronavirus. China’s National Development & Reform Commission (NDRC) approved the Shandong Yulong Petrochemical project on Monday, Reuters’ sources said. The complex in the Shandong province – where most of China’s independent refiners, the so-called teapots, are based – is expected to host now the mega project which analysts expect to become operational at some point at the end of 2024. Shandong Yulong Petrochemical will have an oil refinery with a capacity to process […]