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PetroChina, Sinopec to invest USD 22 bln in east Zhejiang

December 28/2011

(Reuters) -- China's top energy companies PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec) have signed an agreement with the eastern province of Zhejiang on six projects worth about 139.1 billion yuan (USD 22 billion), media reported.

Among the top projects signed are two refinery-petrochemical complexes.
PetroChina is tying up with Royal Dutch Shell Plc and Qatar Petroleum to build a 400,000-barrel-per-day refinery and 1.2-million-tonne-per-year ethylene plant in Taizhou, the companies have said.
The project, with an approximate cost of USD 12.6 billion, has yet to receive environmental clearance from the central government, a key step before final approval by the National Development and Reform Commission.

The China Chemical Industry News reported that Sinopec would build an integrated plant in Zhenhai at a similar cost, without giving details.
An industry executive told that Sinopec, Asia's top refiner, wanted to expand its existing refinery-petrochemical complex in Zhenhai, home to a 460,000 bpd refinery and 1 million tpy ethylene facility.
"Sinopec wants to build another 300,000 bpd refinery and a 1.3 million tpy ethylene plant, an investment that may materialise after 2015," said the official.

The agreements also included a proposed liquefied natural gas (LNG) receiving terminal Sinopec wanted to build in Wenzhou that was likely to cost 8.83 billion yuan (USD 1.4 billion), the China Chemical Industry News said, without giving details.

PetroChina Kunlun Gas Co, a PetroChina unit that specialises in the downstream natural gas business, will build a compressed LNG facility and small-scale LNG facilities in Quzhou with 500 million yuan.
Sinopec would also focus on development of a 7,373 km gas pipeline between Xinjiang and Zhejiang with a capacity of 30 billion cubic metres per year, the papers reported. 

Tags:oil, ethylene.
Category:General News
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