Do you think it’s promising? Shandong’s local refineries unite to form Shandong Refining & Chemical Group

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Local refineries in Shandong are joining forces once again to form the Shandong Refining and Chemical Energy Group. By Yang Yang, Pinduoduo News. Source: Pinduoduo News. With refining capacity accounting for over 70% of the total capacity of local refineries in China, Shandong has finally embarked on a process of grouping these local refineries together. According to information from industry sources, The Paper (www.thepaper.cn) learned that on September 1, the Shandong Provincial Commission of Economy and Information Technology issued a reply to the Shandong Petroleum and Chemical Industry Association titled \"Reply on Accelerating the Transformation and Development of Local Refining Enterprises in the Province and Establishing Shandong Petrochemical Energy Group Co., Ltd.\" (hereinafter referred to as the \"Reply\"), approving the establishment of Shandong Petrochemical Energy Group Co., Ltd. (a provisional name, subject to official registration). In accordance with laws and regulations such as the Company Law, this group company was established by key enterprises such as Shandong Dongming Petrochemical Group Co., Ltd. and Shandong Qingyuan Group Co., Ltd., which possess the qualifications to import crude oil. Capital was raised through shareholder agreements and company charters, thereby forming a joint-stock group company with multiple investment parties.