China approves refinery projects

China has approved the building of two oil refineries on the east coast costing more than USD 3 billion to help meet its surging demand for petroleum products, Beijing-based industry officials have said. The two projects, expected to be completed around 2007/2008, would account for roughly 7% of the country’s current total refining capacity of 6.2 million bpd. Top state refiner, Sinopec Group, would build a 10 million tonne-per-year (tpy), or about 205,500 barrel-per-day (bpd), refinery in Shandong province, at USD 1.2 billion. CNOOC Group, China’s third-largest oil and gas firm, was permitted to build a USD 2.1 billion oil complex in southern Guangdong province, with a capacity of 12 million tpy, a company official said.

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