China: Dalian PetrolChemica Co Develops Largest Refinery Base
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Thursday, 10 April 2008 |
Dalian Petrochemical Co., a subsidiary of China
National Petroleum Corporation (CNPC), is to become China's largest oil
refining base within this year, according to company sources.
PetrolWorld reports that the
final stage of development will be completed this year. Once
completed, the facility would be teh largest refinery base in
China with an annual processing capacity of 20.5 million tons.
The refining project has involved
an overall investment of us$1.5bn (10.7billion yuan),
and the equipment technologies are introduced from the world's leading
oil companies including Royal Dutch/Shell Group."This will help ease
the oil
shortage in some parts of the country, but cannot solve the problem
from the root," Wang Zhen, a professor with China University of
Petroleum, was quoted as saying. "Unreasonable pricing
mechanism of refined oil should be blamed for the diesel and gasoline
shortages," Wang added.
China's crude oil price has already
integrated with the international level, but its refined oil price are
under the control of the central government. Oil shortage has plagued some
southern regions amid surging oil prices on international markets,
including Guangdong, Guizhou, Yunnan, Shanghai and Chongqing.
PetrolWorld 060408
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