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.