China's Shandong Yulong Petrochemicals to invest > $16 B to incorporate petrochemicals production at Yantai refinery
China's Shandong Yulong Petrochemical plans to invest $117.86 billion yuan ($16.42 billion) to produce chemicals at its refinery complex in Yantai, according to a government notice detailing the provisional plan.
The expanded refining complex would process petrochemical feedstocks produced at Yulong's existing operations, including ethylene and propylene, into materials such as super absorbent polymers and biodegradable plastics, according to a notice by the natural resources ministry published on June 18 and reported by local media Jiemian News on Wednesday.
Those materials are used in industries including automotive, electronics and packaging.
Yulong did not immediately respond to an emailed request for comment after business hours.
One of China's newest refiners, the company is 51% owned by private aluminium smelter Nanshan Group while provincial government-backed Shandong Energy Group has a 46.1% stake. The remainder is held by two local firms.
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