PetroChina awaits NDRC approval for Liaoning refinery

PetroChina Co. is waiting for approval from Chinas National Development and Reform Commission (NDRC) to build an oil refinery in Jinxi, Liaoning Province, with an annual processing capacity of 10 million tons of crude oil, local sources reported. The oil refinery will be able to produce 2.54 million tons of gasoline, 5.11 million tons of diesel fuel and 386,200 tons of aviation fuel annually. PetroChina plans to inject US$2.7 billion into the refinery, which will be operated by its subsidiary PetroChina Jinxi Petrochemical Co. Construction will take three years. Annual operating revenues from the refinery are estimated to reach 31.47 billion yuan (US$4.6 billion), with after tax profits reaching 2.39 billion yuan (US$352.05 million). (September 2, 2010)