China Petroleum and Chemical Corp., Asia's largest oil refiner, also known as Sinopec, is planning to invest more than 100 billion yuan (15.43 billion U.S.dollars) for a new refining complex in China's east Jiangsu Province, reported Saturday's China Daily.
The project, with an annual processing capacity of 32 million tonnes, will be located in the Xuwei New Area of the coastal city of Lianyungang, said the report, citing a local government official.
The refining complex will be developed in two phases, with the first plant built with an annual refining capacity of 12 million tonnes and annual production capacity for 1 million tonnes of p-xylene, a Benzine-based hydrocarbon, it said.
The project is waiting regulatory approval from the National Development and Reform Commission(NDRC), the country's top economic planner, with construction expected to begin in 2013 and production to start in 2016, according to the report.
Sinopec and the local government will both have a stake in the project, but they have yet to reach agreement on the holdings. Wang Tianpu, Sinopec's president, said that the company intends to invite major foreign petrochemical firms to join the project.
The move will expand China's refining capacity to meet the nation's increasing demand for oil, said the newspaper.
Source:Xinhua
Weekly review
The project, with an annual processing capacity of 32 million tonnes, will be located in the Xuwei New Area of the coastal city of Lianyungang, said the report, citing a local government official.
The refining complex will be developed in two phases, with the first plant built with an annual refining capacity of 12 million tonnes and annual production capacity for 1 million tonnes of p-xylene, a Benzine-based hydrocarbon, it said.
The project is waiting regulatory approval from the National Development and Reform Commission(NDRC), the country's top economic planner, with construction expected to begin in 2013 and production to start in 2016, according to the report.
Sinopec and the local government will both have a stake in the project, but they have yet to reach agreement on the holdings. Wang Tianpu, Sinopec's president, said that the company intends to invite major foreign petrochemical firms to join the project.
The move will expand China's refining capacity to meet the nation's increasing demand for oil, said the newspaper.
Source:Xinhua
Weekly review
