Entity

Shandong Yulong Petrochemical Co., Ltd. (山东裕龙石化有限公司), established on June 28, 2019 with a registered capital of RMB 38 billion, operates a major integrated refining and petrochemical complex located on Yulong Island in Longkou City, Yantai, Shandong Province, China. The company represents a strategic consolidation effort by Shandong Province to upgrade its fragmented refining sector by replacing numerous smaller independent "teapot" refineries with a large-scale, technologically advanced facility.

The company is jointly owned by private and state-backed entities. Nanshan Group, a private aluminum smelter, holds the majority stake at 51%, while the provincial government-backed Shandong Energy Group owns 46.1%, with the remaining shares held by two local enterprises. This mixed-ownership structure reflects the project's strategic importance as both a provincial industrial transformation initiative and a commercial venture. In 2023, Saudi Aramco signed a memorandum of understanding to potentially acquire a 10% stake in the company and supply crude oil under long-term arrangements.​