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Mega oil refineries part of stimulus plan

NINE mega oil refineries will be established as part of a petrochemical stimulus plan by the National Development and Reform Commission.

Three refineries in Shanghai, Ningbo and Nanjing will each have an annual capacity of 30 million tons, while another six in Maoming, Guangzhou, Huizhou in Guangdong Province, Quanzhou in Fujian Province, Tianjin and Caofeidian in Hebei Province will have an annual capacity of 20 million tons, according to an report today.

The refineries - all located in the east with most on the coast - will be completed in three years.

All the refineries are reportedly to be owned by China Petrochemical Corporation, or Sinopec, except for the refinery in Huizhou, Guangdong Province, which will be owned by the China National Petroleum Corporation.

China imports almost 51 percent of crude oil and oil products. In 2008 China imported 179 million tons of crude, up 9.6 percent from 2007. And China produced 190 million tons of crude, a 2.3 percent rise over the previous year.


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