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China's Mega Yulong Refinery Granted Quota

REFINING

China’s new 400,000 bpd mega refinery in Yulong has received government approval to import crude oil directly in 2024 according to Bloomberg sources.

  • An 8.3m ton quota has been granted by the Ministry of Commerce.
  • The volume equals imports of close to 167,000 barrels per day over a full calender year.
  • The refinery is owned by Shandong Yulong Petrochemical Co. and based in Yantai.
  • The company bought spot cargoes of Oman and Russian ESPO for April and May arrival according to Bloomberg reports mid-March ahead of start-up.
  • Saudi Aramco last year said it was in talks to buy a stake in Shandong Yulong and that it would supply the project with crude.
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