Sinochem to start up Fujian refinery in 2013, cracker pending

24 May 2010 08:36  [Source: ICIS news]

GUANGZHOU (ICIS news)--China’s Sinochem Corp is expected to bring on stream a 12m tonne/year refinery in Quanzhou in southern Fujian province by 2013, a source familiar with the project said on Monday.

The project is expected to obtain a final approval from China’s top economic planning body, the National Development and Reform Commission (NDRC), by October this year, the source said.

The NDRC had given nod for a feasibility study in late 2009.

A Sinochem source said it had not been decided yet whether a cracker would be installed downstream of the refinery.

Media reports said that CNY17.7bn ($2.6bn) refinery would be a joint venture between Sinochem Corp and one or several offshore oil companies to secure crude supply.

However, the source said it was still unknown whether overseas oil companies would join the project.

A 200,000 tonne/year polypropylene (PP) unit by the same company is currently under construction at the same site and is scheduled to start up in 2011, according to ICIS earlier reports.

Sinochem Corp currently runs a 10m tonne/year joint venture refinery in Dalian, the northeastern province of Liaoning, with PetroChina and French-based Total. 

The company announced over the weekend that it had agreed to purchase a 40% interest in the Peregrino oilfield in offshore Brazil from Statoil ASA for $3.07bn to increase its oil exploration and production business.

($1 = €0.80)

Li Li from CBI contributed to this story

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By: Fanny Zhang
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