Commodities & Energy

Reuters exclusively reports China revives giant petchem project

Reuters exclusively reports China revives giant petchem project

Reuters reported exclusively that China is reviving a $20 billion petrochemical project in eastern Shandong province as part of efforts to dial up infrastructure spending and ease the economic pain from the coronavirus pandemic. China’s state planner, the National Development & Reform Commission, has given initial approval for the project, allowing Shandong province to start planning for construction. The 400,000 barrel-per-day refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, was proposed years ago, but approval has been slow in coming because of China’s struggle with excess refining capacity.