China gives go-ahead for JV refinery
By Pan Xiaoyi |
January 7, 2011, Friday
|
Print Edition
Print Edition
CHINA'S environmental ministry has given the green light to a US$8.7 billion joint venture refinery by PetroChina Co and Venezuela's state oil company Petroleos de Venezuela SA in south China's Guangdong Province.
The Jieyang-based refinery project will be capable of processing 20 million tons of heavy oil annually, equivalent to around 400,000 barrels per day, according to the Ministry of Environmental Protection.
The investment includes two quays for crude oil and oil products respectively, refinery facilities, an oil tank and tubes. The project will mainly process heavy oils imported from Venezuela, which supplies 300,000 barrels of crude oil to China daily.
PetroChina, the country's largest oil producer, has also teamed up with Petroleos de Venezuela SA in exploring oil reserves in Venezuela.
China's oil refineries have been revving up production to boost economic growth.
The Jieyang-based refinery project will be capable of processing 20 million tons of heavy oil annually, equivalent to around 400,000 barrels per day, according to the Ministry of Environmental Protection.
The investment includes two quays for crude oil and oil products respectively, refinery facilities, an oil tank and tubes. The project will mainly process heavy oils imported from Venezuela, which supplies 300,000 barrels of crude oil to China daily.
PetroChina, the country's largest oil producer, has also teamed up with Petroleos de Venezuela SA in exploring oil reserves in Venezuela.
China's oil refineries have been revving up production to boost economic growth.
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