SINGAPORE (Reuters) – East China-based independent refiner Hongrun Petrochemical plans to restart its recently-acquired Changyi Petrochemical site as early as this month, four trade sources said on Friday.
Hongrun has already secured some crude oil cargoes in the past month ahead of the restart of the 160,000 barrels per day Changyi plant, two of the sources added.
However, the operation rate of the Changyi plant could remain curtailed in the near term as Hongrun is still sorting out the transfer of crude quota from its previous operator Sinochem, a third source said.
Both Hongrun Petrochemical and Changyi Petrochemical sites are located in Shandong’s Weifang city.
Calls to Hongrun were not answered.
Hongrun is expected to assume Changyi’s crude oil import quota, which was allotted to Sinochem under the first issue of 2025 permits Beijing released late last year, Reuters previously reported.
The refinery has been shut since mid-2024.
(Reporting by Chen Aizhu and Trixie Yap. Editing by Mark Potter)
