Independent refineries holding crude import quotas in China’s Shangdong province are planning to consolidate into a single corporate entity, a move that would help to optimize their entire value chain, from feedstock purchases to products marketing, which in turn will strengthen their competitive edge. An official document from the Shandong Economic and Information Technology Committee on Friday said that SEITC, on behalf of the provincial government, had approved the setting up of Shandong Refining Energy Group Corp., a proposal which was brought up by the Shandong Oil Refining Association, an independent organization. Shandong Oil Refining Association could not be contacted for comments on Monday. While no time period has been mentioned for setting up the corporation, Dongming Petrochemical and Qingyuan Petrochemical are expected to be the two initial members of the new refining corporation, the document said. The proposal has thrown open an invitation to other independent refineries holding […]