Sinopec plans China’s biggest refinery
July 9, 2012 Category Petrochemicals, Weekly
China Petroleum & Chemical (Sinopec) plans to spend CNY19.3 billion to build China’s largest oil refinery in Jiangsu province to meet the country’s rising fuel demand. The company has formed a committee with the provincial government on the mega project, which will be located in the coastal city of Lianyungang and will integrate oil refining and petrochemical production. The project would have an annual refining capacity of 32 million tons and construction could start as early next year under an agreement signed between Sinopec and the provincial government. The first phase of development involves 12 million tons of annual oil refining capacity and facilities capable of churning out one million tons of paraxylene, a chemical used to make polyester. The second phase includes 20 million tons of oil refining capacity and facilities to make one million tons of base chemical ethylene a year. The agreement also includes the construction of a wharf large enough to accommodate oil tankers with a storage capacity of 300,000 tons of fuel. The mega project still needs approval from the National Development and Reform Commission (NDRC). Sinopec Deputy Chairman Wang Tianpu said the company plans to form a joint venture with a large international petrochemical firm to co-invest in the project. Sinopec was operating 34 refineries at the end of last year, with a total annual processing capacity of 247 million tons, according to its annual filing to the Securities Exchange Commission (SEC) in the United States, where its shares are traded. If completed, the 32-million-ton-a-year refinery will be much larger than Sinopec’s largest operating refinery in Zhenhai, Zhejiang province, which has an annual capacity of 23 million tons. China’s petrol output grew 7.3% in the first five months of this year to 35.7 million tons, and diesel output rose 2.7% to 71.55 million tons.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world