PetroChina has quietly approved a multi-billion-dollar refinery and petrochemical complex in northeast China’s Dalian, marking a strategic shift amid declining fuel demand and growing petrochemical appetite. The final investment decision has been made, according to multiple sources, but it has not yet been formally announced. The new facility, to be built on Changxing Island, will feature a 200,000 bpd crude refinery and a 1.4 million ton-per-year ethylene unit, alongside polyethylene, polypropylene, and polyolefin elastomer production. Total…
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