Sinopec will invest 14.8 billion yuan to expand its refining and petrochemical projects in Hunan province.
Asia's largest refiner said yesterday that it would invest 7 billion yuan to expand its Changling refinery and 7.8 billion yuan to upgrade the Baling chemical plant, which would become the largest refining and petrochemical project in central China.
Sinopec plans to process 174 million tons of crude oil this year, and produce 104 million tons of refined oil products, company President Su Shulin said earlier.
The company began production at its new Qingdao refinery in June. With a designed processing capacity of 10 million tons a year, the 12.5-billion-yuan plant is expected to produce 7.08 million tons of refined oil annually, with sales exceeding 40 billion yuan.
Driven by rising domestic energy demand, China's oil firms are increasing their oil processing capacity at a fast pace.
According to the China Petroleum and Chemical Industry Association, the country processed 200 million tons of crude oil and produced 120 million tons of refined oil in the first seven months of the year, up 5.8 percent and 6.9 percent year-on-year.
The total output value of petrochemical products hit 3.83 trillion yuan during the period, thanks to high global demand, registering a 32.4 percent year-on-year increase.
China National Petroleum Corp, the country's largest oil producer, is working on an 8.2-billion-yuan refinery in the Ningxia Hui autonomous region. The refinery, with a yearly refining capacity of 5 million tons, is expected to go on steam at the end of 2010.
It will produce 1.73 million tons of gasoline and 2.38 million tons of diesel a year, which can fetch a revenue of 15 billion yuan.
Earlier, China National Offshore Oil Corp (CNOOC), the country's third largest oil producer, said it was planning to invest 45 billion yuan to expand its new Huizhou oil refinery project in Guangdong province.
CNOOC plans to raise the capacity of the refinery from 12 million tons to 22 million tons a year during the 12th Five-Year Plan (2011-15).
Source: China Daily
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