A large oil refining project with capacity of 10 million tons has just been approved
A large oil refining project with capacity of 10 million tons has just been approved by the Chinese National Development and Reform Commission.
The project of $1.9 billion worth and located in Qinzhou of southwest China's Guangxi Zhuang Autonomous Region, becomes the first 10-million ton project of oil refining in southwest China.
The China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, will construct the plant.
The project, to be completed in 2008, will enhance competition between CNPC and its major domestic rival Sinopec Group in the market of southwest China.
The project will mainly refine crude oil produced by CNPC outside China.
