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Investing.com -- PetroChina, the state-owned oil major, is preparing to close the last crude unit at its largest north China refinery. This move aligns with an earlier plan marking the country’s first complete closure of a state-run plant, according to four industry insiders.
The 200,000-barrels-per-day No.1 crude unit at Dalian Petrochemical Corp is scheduled to be shut down on June 30. In the subsequent month, the secondary processing units will also be phased out, as reported by Reuters on Wednesday.
This development follows a report from last October stating PetroChina’s intention to close the entire 410,000-bpd Dalian plant by mid-2025. This is part of PetroChina’s ongoing project to move and replace the large facility with a smaller one at a new location.
In anticipation of the closure, PetroChina will start reducing its inventory of crude oil and other feedstocks this month. The company aims to clear all the products’ inventory by the end of August, the report added.