China To Add 52M Tons Crude Oil Refining Capacity By 2010
SINGAPORE (Dow Jones)--China will boost its crude refining capacity by 52 million metric tons to reach 332 million tons a year by 2010, to cater to the country's ever increasing demand for oil products, a China-based oil industry official said Tuesday.
Of the new capacity, three refineries totaling 30 million tons will be built on greenfield sites, while the rest will involve expansions at six existing refineries, the official said.
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Based on information announced by PetroChina Co. (PTR), China Petroleum & Chemical Corp. (SNP), or Sinopec Corp., and China National Offshore Oil Corp., only 14.3 million tons of the new capacity will involve foreign capital, he said.
Eight of the nine refineries to be built or expanded are located in coastal areas with access to imported crude oil, he said.
Of the total new capacity, 32 million tons will be built and invested by Sinopec, 8 million tons by PetroChina and 12 million tons by CNOOC, he said.
CNOOC has said it will build a 12 million ton/year refinery by 2007 - China's largest greenfield refinery construction so far - in Huizhou city of the southern Guangdong province.
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