Sinopec has launched a subsidiary company, Sinopec Qingdao Refinery and Chemical Company, to construct and operate a USD 1.2 billion refinery in Qingdao, East China’s Shandong Province. The refinery, one of the largest of its kind in China, will be able to process 10 million tons of imported crude oil, and produce 7.6 million tons of oil products annually upon its completion in 2007. Construction will start in the first half of next year. Saudi Aramco is negotiating with Sinopec to take a share in the refinery project. Analysts said the participation of Saudi Aramco, if finalised, could help secure crude oil supply and reduce risks for the refinery.
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