USD 74.2529

-0.95

EUR 90.2618

-0.93

BRENT 49.05

+0.05

AI-92 43.32

+0.01

AI-95 47.57

-0.03

AI-98 53.06

0

Diesel 48.57

0

132

New Chinese Refinery To Start production

The project is expected to produce 7 million tons of oil and chemical products

China Petro-Chemical Corporation is expected to see the operation of a new oil refinery by mid-2006 in south China the company said Monday.

The refinery is to be located in Hainan Province and start operation in June next year with a designed annual oil refining capacity of 8 million tons, which is considered a move to step up the reconstruction of China's oil refinery industry, said Wang Jiming, deputy board chairman with the corporation.

The construction of the large-scale oil refinery of 10 billion yuan ($1.23 billion) worth was launched in April 2004.

The project is expected to produce 7 million tons of oil and chemical products annually, bringing in an annual revenue of 30 billion yuan ($3.7 billion).

He added that his corporation also plans to build an oil-refining and petro-chemical base in Hainan to attract more investors.