Home China Headline PetroChina plans US$6.5b fuel and chemical facility

PetroChina plans US$6.5b fuel and chemical facility

PetroChina Co, the nation's largest oil company, plans to build a refinery and ethylene plant at a cost of more than 50 billion yuan (US$6.5 billion) in Sichuan Province to expand fuel and chemical output in southwestern China. PetroChina and Sichuan authorities were to sign an agreement for the project yesterday, provincial Communist Party Secretary Du Qinglin said in an interview in Beijing. The refinery will process about 200,000 barrels of oil a day. The ethylene cracker will make 800,000 metric tons of the chemical annually, he said. Chinese oil companies are expanding refining and chemical production to meet demand in the world's fastest-growing major economy. China wants to increase oil-processing capacity 25 percent and more than double ethylene production capacity by 2010 to reduce reliance on imports of the chemical, Bloomberg News said. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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