Home
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Understanding cultures vital to mankind’s shared future
China’s success can help in the betterment of the world
Sunday
- Subscribe
Related News
Oil firms to build refinery in 2010
By Fu Chenghao |
March 3, 2009, Tuesday
|
Print Edition
Print Edition
CHINA National Petroleum Corp and Russian partner OAO Rosneft plan to start building a 21.1-billion-yuan (US$3 billion) refinery project in Tianjin next year, the local government said.
The two companies first agreed to build the refinery, with a capacity of 10 million tons a year, or 200,000 barrels a day, and undertake a fuel retailing business in China in March 2006 during a visit by former Russian President Vladimir Putin to Beijing.
The companies aim to secure government approval for the project by the end of the year and complete construction by 2012, said a statement on the Website of the Tianjin municipal government.
China is planning large-scale refining projects to meet future demand although there was an oversupply in capacity due to the economic slowdown last year when it processed 342 million tons of crude out of an estimated capacity of 396 million tons.
China targets annual refining capacity of 440 million tons by 2011, CNPC said last month, citing a three-year state energy plan. China is phasing out inefficient refiners and plans stockpiles of refined fuel.
The government would also promote joint-venture refinery projects involving firms from Venezuela, Qatar and Russia to ensure a stable crude supply, CNPC has said.
China agreed last month to lend US$25 billion to Rosneft, an oil major, and OAO Transneft, Russia's main pipeline operator, in return for 20 years of oil supplies totaling 300 million tons.
The two companies first agreed to build the refinery, with a capacity of 10 million tons a year, or 200,000 barrels a day, and undertake a fuel retailing business in China in March 2006 during a visit by former Russian President Vladimir Putin to Beijing.
The companies aim to secure government approval for the project by the end of the year and complete construction by 2012, said a statement on the Website of the Tianjin municipal government.
China is planning large-scale refining projects to meet future demand although there was an oversupply in capacity due to the economic slowdown last year when it processed 342 million tons of crude out of an estimated capacity of 396 million tons.
China targets annual refining capacity of 440 million tons by 2011, CNPC said last month, citing a three-year state energy plan. China is phasing out inefficient refiners and plans stockpiles of refined fuel.
The government would also promote joint-venture refinery projects involving firms from Venezuela, Qatar and Russia to ensure a stable crude supply, CNPC has said.
China agreed last month to lend US$25 billion to Rosneft, an oil major, and OAO Transneft, Russia's main pipeline operator, in return for 20 years of oil supplies totaling 300 million tons.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
