Sinopec May Build 240,000-Barrel-a-Day Refinery in Shanghai
By Bloomberg News
Dec. 9, 2009 (Bloomberg) — China Petroleum & Chemical Corp., the nation’s largest oil refiner, may build a 240,000-barrel-a-day refinery in Shanghai to meet the rising fuel demand along the eastern coast, said a company official.
Sinopec Gaoqiao Petrochemical Corp. is conducting initial design work of the plant, said an official from the Gaoqiao refinery in Shanghai, declining to be named because of company rules. The company aim to receive state approval for the project in 2011, he added.
Shanghai, the nation’s commercial center, currently has two refineries, including Gaoqiao and Sinopec Shanghai Petrochemical Corp., both of which are owned by China Petroleum, also known as Sinopec. The two refineries have a combined capacity of 506,000 barrels a day.
Sinopec Gaoqiao is likely to be authorized by the parent company to operate the plant, said the official. The refinery, to be located in Caojing Chemical Park, will be solely developed by Sinopec, he said.
The company has signed a memorandum of understanding with the Shanghai government to expand refining capacity in the city, although details aren’t available yet as plans are still in the initial stage of development, Huang Wensheng, Sinopec spokesman, said by telephone today.
For Related News and Information: Top oil stories: OTOP <GO>
Last Updated: December 9, 2009 03:15 EST
