23.04.2006 10:43
China\'s CNPC plans to invest 13 bln yuan in Guangxi oil refinery - report
BEIJING (AFX) - China National Petroleum Corp (Nachrichten) (CNPC), the country\'s largest oil and gas producer, plans to invest 13 bln yuan in building an oil refinery in south China, the official Shanghai Securities News reported, citing an official with CNPC.
The oil refinery with an annual capacity of 10 mln tons and located in the city of Qinzhou, southern Guangxi province, will be used to process crude oil imported from Sudan, the official said.
The report said that it will be CNPC\'s first major refining facility in south China, the traditional stronghold of rival Sinopec Corp.
The official said that the proposal is waiting for approval from National Development and Reform Commission (NDRC), and it is expected to complete the construction by 2008.
According to the report, China Petroleum&Chemical Corp (Sinopec) also plans to expand the annual processing capacity of its small-size refinery located in the city of Beihai, Guangxi province, to 8.0 mln tons from 500,000 tons.
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