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PetroChina wins nod to boost capacity
By Richard Fu |
September 4, 2010, Saturday
|
Print Edition
Print Edition
PETROCHINA Co has won government approval to double the capacity of its Huabei oil refinery to supply high-quality fuels to northern regions of the country.
The expansion will make the Hebei Province-based Huabei plant, with a capacity of 5 million tons a year now, the 14th refinery in China with an annual capacity of 10 million tons or more, PetroChina's parent, China National Petroleum Corp, said in a statement yesterday.
The expansion is scheduled to be completed in October 2012 and full production will start two months later.
While China is adding refining capacity by building new plants and expanding existing ones, it's also upgrading old refineries so that they can produce higher quality fuels to help cut vehicle emissions.
Beijing introduced its Jing 4 standard, similar to the Euro IV standard, gasoline and diesel ahead of the 2008 Olympics, followed by Shanghai and Guangzhou.
The Huabei plant will be able to supply 8 million tons of Jing 4 standard refined oil products and other petrochemical products to Beijing, Tianjin and other northern regions, the statement said.
CNPC said the Huabei plant also plans to add a unit that will produce 1 million tons annually of ethylene, a key petrochemical building block.
A report said PetroChina is selling stakes in 72 financial companies, including banks, trust firms and brokerages. The stakes were being sold on China Beijing Equity Exchange for 199.8 million yuan, Caijing magazine reported, citing a PetroChina official surnamed Zhang, who's in charge of asset management.
The expansion will make the Hebei Province-based Huabei plant, with a capacity of 5 million tons a year now, the 14th refinery in China with an annual capacity of 10 million tons or more, PetroChina's parent, China National Petroleum Corp, said in a statement yesterday.
The expansion is scheduled to be completed in October 2012 and full production will start two months later.
While China is adding refining capacity by building new plants and expanding existing ones, it's also upgrading old refineries so that they can produce higher quality fuels to help cut vehicle emissions.
Beijing introduced its Jing 4 standard, similar to the Euro IV standard, gasoline and diesel ahead of the 2008 Olympics, followed by Shanghai and Guangzhou.
The Huabei plant will be able to supply 8 million tons of Jing 4 standard refined oil products and other petrochemical products to Beijing, Tianjin and other northern regions, the statement said.
CNPC said the Huabei plant also plans to add a unit that will produce 1 million tons annually of ethylene, a key petrochemical building block.
A report said PetroChina is selling stakes in 72 financial companies, including banks, trust firms and brokerages. The stakes were being sold on China Beijing Equity Exchange for 199.8 million yuan, Caijing magazine reported, citing a PetroChina official surnamed Zhang, who's in charge of asset management.
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