Oil refinery building may start in H2
Source: Xinhua |
May 23, 2011, Monday
|
Print Edition
Print Edition
THE construction of a Sino-Russian crude oil refinery may start in the northern China industrial city of Tianjin in the second half of the year, local officials said.
Oriental Refinery, the joint venture with an investment of 30 billion yuan (US$4.62 billion), was co-funded by PetroChina Company Limited and Russia's Rosneft. It is designed to process 13 million tonnes of crude oil annually.
"The project is a priority for construction. We hope it can start operation by 2015," said Wang Junming, general manager of the Nangang industrial zone development firm.
The Sino-Russian refinery may generate an annual revenue of 60 billion yuan once operation starts.
Wang said the authorities aim to build a complete industrial chain from oil refining to petrochemical engineering in the zone.
In Tianjin, Sinopec is operating a 10 million tons a year refinery, which has ethylene output capacity of 1 million tons a year . It's building a crude oil storage depot.
Oriental Refinery, the joint venture with an investment of 30 billion yuan (US$4.62 billion), was co-funded by PetroChina Company Limited and Russia's Rosneft. It is designed to process 13 million tonnes of crude oil annually.
"The project is a priority for construction. We hope it can start operation by 2015," said Wang Junming, general manager of the Nangang industrial zone development firm.
The Sino-Russian refinery may generate an annual revenue of 60 billion yuan once operation starts.
Wang said the authorities aim to build a complete industrial chain from oil refining to petrochemical engineering in the zone.
In Tianjin, Sinopec is operating a 10 million tons a year refinery, which has ethylene output capacity of 1 million tons a year . It's building a crude oil storage depot.
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