19 August 2009 10:28 [Source: ICIS news]
SHANGHAI (ICIS news)--China National Offshore Oil Corp (CNOOC) is conducting a feasibility study to build a new 12m tonne/year refinery and a 1m tonne/year cracker, an engineer from China National Petroleum & Chemical Planning Institute (NPCPI) said on Wednesday.
The petrochemical project in Dongying Port Economic Development Zone, in eastern Shandong province of China, would cost about yuan (CNY) 45bn ($6.58bn), said Chen Ruifeng, an engineer from the petrochemical department of NPCPI.
Once started the project was expected to come on stream during China’s thirteenth five-year plan (2016-2020).
"The construction site has been allocated," Chen said on the sidelines of Dongying Port Economic Development Zone Investment Promotion Fair. "We are helping the company to do the feasibility study on the project, and the study just started," Chen told ICIS news.
($1 = CNY6.83)
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