CNPC and Sinopec to invest 8 billion RMB in Zunyi

Zunyi in Southern China is the target for several investment projects for China National Petroleum Corp. and Sinopec totaling 8 billion RMB (US$1.22 billion). According to the Zunyi municipal government, Sinopec will construct an oil-product pipeline at a cost of 2.5 billion RMB (US$380.5 million), 1.1 billion RMB (US$167.5 million) to construct a gas pipeline gas field and remaining amount to build, rebuild or expand gasoline stations. Sinopec has 122 gasoline stations in Zunyi at present. Meanwhile, CNPC will invest 3 billion RMB (US$449.7 million) to build and rebuild gasoline stations (860 million RMB along freeways and in rural areas, 300 million RMB to build 12 gasoline stations in urban areas, 180 million RMB to renovate 60 existing gasoline stations), as well as other infrastructure, including oil-product storage tanks, oil-product pipelines and gas pipelines. CNPC will invest 220 million (US$33.5 million) be involved in a 40,000 cubic meter commercial oil products storage tank, 600 million RMB (US$91.3 million) to construct the Zunyi section of an oil product pipeline and 1 billion RMB (US$152.24) to construct a crude oil and gas pipeline. (February 23, 2011)