|
China Petro-Chemical building new oil refinery
(Xinhua)
Updated: 2005-11-07 08:46
China Petro-Chemical Corporation is expected to see the operation of a new
oil refinery by mid-2006 in south China, according to a senior official with the
petroleum giant.
The plant, located in Hainan Province, is set to start operation in June next
year with a designed annual oil refining capacity of 8 million tons, which is
considered a move to step up the reconstruction of China's oil refinery
industry, said Wang Jiming, deputy board chairman with the corporation.
With an total investment of more than 10 billion yuan (1.23 billion US
dollars), construction of the large-scale oil refinery plant was launched in
April 2004. Upon completion, the project is expected to produce 7 million tons
of oil and chemical products every year, bringing in an annual revenue of 30
billion yuan (3.7 billion US dollars).
The project will help satisfy the increasing oil demand in Hainan and the
Pearl River Delta region, an economically developed area in south China, said
Wang.
He added that his corporation also plans to build an oil-refining and
petro-chemical base in Hainan to attract more investors.
|
