PetroChina's 1st Oil Refinery in Southern China to Operate By 2008
Posted on: Thursday, 20 April 2006, 12:00 CDT
By Kyodo News International, Tokyo
Apr. 20--HONG KONG -- PetroChina Co., the Hong Kong-listed subsidiary of China National Petroleum Corp., will build its first oil refinery in southern China's Guangxi Zhuang Autonomous Region, a local official said Thursday.
Qinzhou Vice Mayor Wang Delun said PetroChina will foot the 13 billion yuan ($1.62 billion) bill for the refinery's construction, while the city will provide 133 hectares of land.
"Once the National Development and Reforming Commission approves the project, construction will start and it is likely to be within this year," Wang said at an investment exhibition in Hong Kong.
Qinzhou is on the Guangxi south coast, a famous travel spot for its scenic geography.
"The first phase of the refinery will have a 10 million ton capacity, with an estimate of 40 billion yuan output value and 4 billion yuan in tax revenue annually," Wang said.
Depending on demand, a second phase of the refinery could boost the production capacity to 25 million tons a year, he added.
Wang said the strategic location of the refinery in south China will feed market demands for refined products in the south, and will cut transportation cost for crude oil imports from the southern region.
The refinery would operate by 2008, to celebrate China's hosting the Olympic Games, Qinzhou Commission Secretary Huang Daowei said.
PetroChina owns 27 refineries in China, all of them in northern parts of the country, according to the company website.
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Source: Kyodo News International, Tokyo
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