CNPC’s 20 million-ton refining project to be established in Guangdong
Thread Content
Despite the weak domestic demand and low operating rates of refineries at present, CNPC continues to proceed with the construction of downstream refineries as planned. On March 12, CNPC signed an agreement to invest 55 billion yuan in building a refinery with an annual production capacity of 20 million tons in Jieyang City, Guangdong Province. The oil for this refinery will come from Venezuela, and construction is expected to begin in 2010. Last May, CNPC signed an agreement with Venezuela’s national oil company to jointly develop the heavy oil in Venezuela’s Orinoco region, and to invest in a large refinery in China with a processing capacity of 20 million tons, aimed at processing the heavy oil from Venezuela. It is reported that in addition to the 20 million tons produced in Phase 1, Phase 2 of this project will add another 20 million tons per year in production capacity, as well as an ethylene plant with a production capacity of millions of tons per year. Previously, officials from CNPC confirmed to a reporter from China Securities Journal that due to weak market demand, both CNPC’s Dushanzi Refining and Qinzhou Refining plants have postponed their commissioning dates. However, industry experts point out that steadily increasing refining capacity in areas facing shortages is of great significance in the long term.
With the current world economic crisis, China is showing a different picture! That’s really amazing! This post was last edited by chengkang on 2009-3-17 06:40]
That’s what we call a monopoly – CNPC has complete control, from oil extraction to refining! It’s easier to mix!
Sinopec is also taking covert actions, hehe: lol; many projects along the coast are being launched quietly
In our eyes as ordinary people, it’s enough if a few job opportunities can be created by then. .
I agree with the person on the fifth floor; during an economic crisis, many people lose their jobs, and this approach can help solve the employment problems of some of them.
Refining projects are being established all over the country; it’s unclear whether there will be an oversupply of refining capacity in a few years.
We in Dushanzi don’t know when work will start, but it should be soon!
Our factory, in its cooperation with CNPC
There are still so many people in China. Even if there is a surplus, it will only occur once the economy has developed to a certain level. But who knows by then those oil-producing countries will have already started refining their own oil and won’t sell it to you anymore
I wonder if, with so many new refineries being built, we will be able to sell our products at a good price in the future. And once there is an oversupply, will we lose our jobs?