China To Close One Of The Largest Refineries That Processes Oil From Russia

Closing is scheduled for later this month.

China's state-owned PetroChina will close the last oil refining unit at its largest refinery Dalian Petrochemical Corp in northern China.

According to Reuters.

The closure is planned for the end of the month, four oil industry sources told Reuters. PetroChina will shut down an oil unit at Dalian Petrochemical Corp's 200,000-barrel-per-day Dalian Petrochemical Corp plant and secondary refining units next month.

This is part of China's plan to close the state-owned refinery giant and set up a smaller facility in its place. PetroChina, meanwhile, will start reducing its stockpiles of crude oil and other feedstocks this month and clear all inventories of those products by the end of August, two sources told Reuters.

PetroChina began the process of closing the Dalian plant back in late 2023. The refinery accounts for nearly 3% of China's national refining capacity. The facility processes a predominantly Russian blend of ESPO crude oil from Siberian fields.

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