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Sinopec to spend RMB 53 bln on oil capacity in Xinjiang

Feb. 14, 2012 (China Knowledge) - Sinopec Group, the parent co of Sinopec<600028><0386>, Asia's largest oil refiner, plans to invest RMB 53 billion or US$8.4 billion by 2015 to boost oil processing and output capacities in the Xinjiang Uygur Autonomous Region.

The Chinese oil giant will double the capacity of its Tahe refinery, the sole refinery in Xinjiang, to 10 million tons per year, or 200,000 barrels per day, by 2015, said an official, adding that the Tahe refinery processed 4.25 million ton of crude oil and sold 4.1 million tons of oil products last year.

To keep pace with the refining expansion, the company intends to raise oil output in Xinjiang to be in the range of 9 million to 11 million tons, and increase natural gas output to between 1.8 and 3 billion cubic meters by 2015. In the same region, Sinopec Group's oil output and gas output for 2011 was 7.25 million tons and 1.59 billion cu m, respectively.

Sinopec Group also plans to add seven oil storages and 500 service stations in Xinjiang by 2015, sources reported.

The leading Chinese oil refiner expects to have an annual gas output capacity of 3 billion cu m from coal-to-gas projects in Xianjiang and transfer the gas to coal areas, including Zhejiang Province and Guangdong Province.






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