China to Close Largest Refinery of Russian Oil.

The Chinese oil giant PetroChina is preparing to close its largest oil refinery in the northern part of the country. Instead of a large state-owned enterprise, a smaller facility is planned to be created.

'PetroChina will start reducing raw oil and other raw material stocks this month and plans to completely clear all stocks of this product by the end of August,'

The consequences of the plant's closure will be significant, as Dalian Petrochemical Corp is an important player in China's refining industry. In particular, the enterprise specializes in Russian ESPO oil, extracted from Siberian fields.

The closure of the refinery is expected to impact China's national refining capacities, leading to a redistribution of market positions and strategies in the industry.