This industrial complex is known as Shandong Yulong Petrochemical in Longkou, regarded as the “nuclear power” of northern China’s economy.
Located on Yulong Island, a man-made structure consisting of seven reclaimed islands in Longkou City, Yulong Petrochemical is one of China’s newest refineries, with a capacity of 400 thousand barrels per day. Currently, this refinery is facing collective “oil supply cut” sanctions from international suppliers, finding itself isolated and cut off from the international crude oil market.
Several sources familiar with the trade told Reuters that Yulong Petrochemical was recently added to the UK sanctions list due to Russia’s invasion of Ukraine. Following the sanctions, several suppliers have canceled agreements to sell Middle Eastern and Canadian oil to the company.
Join this channel to get access to perks:
https://www.youtube.com/channel/UCT2kPBcD6tXn8TP_aV7BmgA/join
#chinaobserver
All rights reserved.
⭐You can support us at: https://donorbox.org/china-observer-supporting-independent-news
⭐For business cooperation, please contact us: business@chinaobserver.co