China's Sinopec Group to Invest $29 Billion to Upgrade Four Refining Bases

Reuters, March 2, 2017

China's Sinopec group, parent of Sinopec Corp, will invest $29.05 billion (USD) to upgrade four refining bases between 2016 and 2020, the official Xinhua news agency reported on Thursday. The total refining capacity of the four refining bases will reach 130 million tonnes per year after the upgrade, while ethylene producing capacity will total 9 million tonnes per year, Xinhua quoted chairman Wang Yupu as saying. That would take the oil refining capacity to an equivalent of about 2.6 million barrels per day. The four refining bases are Shanghai, Nanjing, Maozhan and Zhenhai.


(Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger)


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