Chinese oil and gas company Sinopec Group is planning to invest CNY200bn ($29.05bn) to upgrade its four main oil refineries in the country through 2020.
The investment is intended to help the firm produce higher-quality fuels at the four refineries which are located in the cities of Shanghai, Nanjing, Zhenhai on the east coast, and Maoming-Zhanjiang in southern Guangdong province.
Sinopec said that the upgrade work is expected to increase the refineries’ combined annual processing capacity by 30% to 130 million tons of crude oil a year, reported Nikkei Asian Review.
As part of the investment plan, the refineries will also be installed with new equipment to increase production ethylene capacity from 5 million tons to 9 million tons per year.
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