SINGAPORE (ICIS)--China’s Haiyou Petrochemical is planning to restart its 3.5m tonne/year crude distillation unit (CDU) at Rizhao in Shandong province in May/June, after roughly a one-year shutdown, a source familiar with the company said on Monday.
The company had filed for bankruptcy in July 2018 and consequently had to shut its CDU. It stopped gasoline production, but continued gasoil production through processing some outsourced intermediate feedstock.
In December last year, the company completed restructuring with help from the Rizhao local government.
Haiyou Petrochemical mainly processes Russia ESPO (Eastern Siberian Pacific Ocean pipeline) oil and Columbia Castilla oil. It has an annual crude import quota of 3.2m tonnes.