The company said the project involves a total investment of some RMB 6.37 billion.
Upon the completion of the project, Shijiazhuang refinery s annual comprehensive production capacity will be expanded from the current five million metric tons to eight million metric tons, or a daily refining capacity of 160,700 barrels.
The expansion project will be completed at the end of 2012 and will meet growing demand in China's northern provinces.
The company said estimated annual sales revenue will reach RMB 40 billion, while profit after tax will reach RMB 1.35 billion once the project is operational.
Sinopec received approval from the National Development and Reform Commission on December 31, 2009 for the project.
The project will improve efficiency in the oil products market and promote economic and social development in Heibei province, the company said in an earlier statement.
