Refinery to meet demand
By Pan Xiaoyi |
May 6, 2010, Thursday
|
Print Edition
Print Edition
PETROCHINA Ltd, Asia's biggest oil producer, started building a 5 million ton a year refinery in Ningxia to meet China's rising demand for energy to propel its economy.
The facility, costing 7 billion yuan (US$1.02 billion), is expected to be finished in September 2011. On completion, the plant could produce 1.6 million tons of gasoline, 2.32 million tons of diesel and other petrochemicals annually under an engineering, procurement and construction contract signed on April 29, the company said yesterday.
The project is a key to improving the country's fuel quality and boosting efforts by Chinese refiners to expand production capacity to fuel the world's fastest-growing major economy. China refined a record 34.6 million tons of crude oil in December.
The plant is designed to secure supply of resources in China's western areas. Bloomberg News cited a report saying fuel demand in Ningxia, western Inner Mongolia and northern Shaanxi in northwestern China may rise from an estimated 5.37 million tons this year to 8.04 million tons by 2015.
PetroChina processed 215 million barrels of crude in the first quarter, a rise of 16.2 percent from the same period last year. The company also produced 18.82 million tons of gasoline, diesel and kerosene in the first three months - an increase of 15 percent from a year ago.
Thanks to soaring domestic demand and rising global oil prices, the refiner said first-quarter profit jumped 71.2 percent from a year earlier to 32.5 billion yuan and its revenue surged 75.2 percent to 318.8 billion yuan.
The facility, costing 7 billion yuan (US$1.02 billion), is expected to be finished in September 2011. On completion, the plant could produce 1.6 million tons of gasoline, 2.32 million tons of diesel and other petrochemicals annually under an engineering, procurement and construction contract signed on April 29, the company said yesterday.
The project is a key to improving the country's fuel quality and boosting efforts by Chinese refiners to expand production capacity to fuel the world's fastest-growing major economy. China refined a record 34.6 million tons of crude oil in December.
The plant is designed to secure supply of resources in China's western areas. Bloomberg News cited a report saying fuel demand in Ningxia, western Inner Mongolia and northern Shaanxi in northwestern China may rise from an estimated 5.37 million tons this year to 8.04 million tons by 2015.
PetroChina processed 215 million barrels of crude in the first quarter, a rise of 16.2 percent from the same period last year. The company also produced 18.82 million tons of gasoline, diesel and kerosene in the first three months - an increase of 15 percent from a year ago.
Thanks to soaring domestic demand and rising global oil prices, the refiner said first-quarter profit jumped 71.2 percent from a year earlier to 32.5 billion yuan and its revenue surged 75.2 percent to 318.8 billion yuan.
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