CNPC finalizes deal for integrated refining project

China National Petroleum Corp. (CNPC), the parent company of PetroChina, took concrete steps in expanding its petrochemical presence in Southwest China’s Sichuan province. On March 7, CNPC signed a contract with the Sichuan provincial government to invest RMB38 billion (US$4.90 billion) in the integrated refining project, with a 10-million-ton-per-year oil refining capacity and an 800,000-ton-per-year ethylene production capacity. The refinery will enable CNPC to have a base to compete with rival Sinopec in southwest China. (March 8, 2007)