CNPC eyes RMB23 billion expansion

China National Petroleum Corp. (CNPC), the nation’s second-largest oil refiner and parent of listed PetroChina, aims to raise its oil refining volume 5.26% this year and spend RMB23.4 billion (US$3.01 billion) to expand its processing capacity and related facilities. Last year’s volume was 116 million tons, Vice President Duan Wende said. CNPC said it aimed to increase its refined oil sales to 81.4 million tons this year, a 7.51% increase from 2005. CNPC said it would invest RMB15.9 billion (US$2.04 billion) on refinery construction and RMB7.5 billion (US$966.80 million) on storage and logistics facilities for its sales and distribution business. (February 1, 2007)