China has launched the construction of a refinery and petrochemical complex worth US$20 billion in the Shandong province, the home of the independent Chinese refiners, Reuters reports , citing a local state newspaper. Earlier this year, China gave the go-ahead to plans for the colossal refinery and petrochemical complex Yulong, which will include a refinery with a crude processing capacity of 400,000 barrels per day (bpd) and an ethylene plant producing 3 million tons per year. According to sources who spoke to Reuters in June, the investment in the project would be some 140 billion Chinese yuan, or US$20.85 billion. According to Argus , the new mega-complex, while a government initiative, will be mostly financed by capital from the private sector. The Yulong project was one of around 500 industrial projects whose construction has started in the province of Shandong over the past week, Chinese media reported. The total […]