PetroChina to invest $1.19bn in Ningxia project

22 September 2008 08:02  [Source: ICIS news]

SHANGHAI(ICIS news)--PetroChina's subsidiary Ningxia Refining and Chemicals Company will invest yuan(CNY)8.2bn($1.19bn) on a refinery project in Yinchuan, the capital of Ningxia province located northwest of China, the company said on Monday.

 

A 5m tonne/year refinery, a 100,000 tonne/year polypropylene(PP) unit and some other facilities will be constructed at the site.

 

“We held a foundation stone-laying ceremony yesterday for the refinery project, and all the units are slated to come on stream by the end of 2010,” a company source said in Mandarin.

 

The project can produce 1.73m tonnes of gasoline, 2.38m tonnes of diesel, 210,000 tonnes of liquefied petroleum gas (LPG) and 100,000 tonnes of PP after the commissioning of all units, with annual sales expected to be over CNY15bn, according to PetroChina.

 

The company also operates a 1.5m tonne/year refinery and a 30,000 tonne/year PP plant at the same site.

 

($1=CNY6.84)

 

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By: Judith Wang
+65 6780 4359

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