China’s province of Shandong – home to most of the country’s independent refiners – plans to shut down as much as 500,000 bpd refining capacity at the so-called teapots as it pushes forward with a huge US$20-billion refinery and petrochemical complex in the province, industry officials told Reuters . The province of Shandong has had plans since 2018 to shut down a total of 500,000 bpd of refining capacity at independence refiners. Now the plan for the new giant complex is likely speeding the decision to shut that capacity, which is equal to around a fifth of the province’s refining capacity, according to Reuters sources. Last week, China gave the go-ahead to plans for the huge $20-billion refinery and petrochemical complex in the Shandong province, Reuters reported , citing two industry sources familiar with the approval process. The mega petrochemical complex has been years in the planning, but now […]