Sinopec Launched Largest Refinery In China

Sinopec created a new subsidiary Sinopec Qingdao Refinery and Chemical Company to construct and operate a $1.2 billion refinery in Qingdao, East China's Shandong Province.

The subsidiary, will help to complete its refinery deployment along the coast line to cash in on rapid market growth and better handle imports of crude oil, reported China Daily on Friday.

The refinery, one of the largest of its kind in China, will be able to process 10 million tons of imported crude oil, and produce 7.6 million tons of oil products annually upon its completion in 2007.