REFINERY NEWS ROUNDUP: China’s Zhejiang to raise capacity by 2025; Japan’s runs down on earthquake
China’s Zhejiang province in the eastern coast aims to have 90 million mt/year refining capacity by 2025 from 51 million mt/year in 2019, suggesting that Zhejiang Petroleum & Chemical’s phase 3 project is unlikely to launch within the 14th Five Year Plan 2021-25, market sources and analysts told S&P Global Platts.
The province’s energy regulator Zhejiang Development and Reform Commission published a draft plan for public comment, which include plans to expand refining capacity, speed up construction of oil pipelines and additional storage capacity for energy security, as well as significantly boost fuel bunkering volume at its pilot free trade zone.
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The UAE and Japan agreed to cooperate on clean fuel technologies such as developing a green ammonia to use as hydrogen fuel and on carbon recycling technologies.
The agreement was signed as part of an online trade mission at which the two nations discussed industrial cooperation, climate change and a post-Covid economic recovery. Agreements were also signed by Abu Dhabi National Oil Company and Ice Futures Abu Dhabi with Japan s Cosmo Oil and other end users to explore using the new Ice Murban Crude Oil futures as a reference price.
“We are very pleased to sign this important agreement with Japan that will allow both our countries to cooperate on fuel ammonia and carbon recycling technologies. This is another significant development for the UAE as we continue to explore the potential of new fuels that can help us produce more energy with fewer emissions, UAE Minister of Industry and Advanced Technology and Adnoc Group chief executive Dr Sultan Al Jaber said.