Shaanxi Yanchang inks deal with Yan’an city

Shaanxi Yanchang Petroleum Group, China’s fourth largest oil company, has inked an agreement with the government of northwest China’s Yan’an city to invest 70 billion yuan (US$10.53 billion) in building 10 oil and gas projects in the city. Yanchang Petroleum Group agreed to build 10 million metric tons per year (MTPY) of crude oil production capacity, 3 billion cubic meters per year of gas output capacity, a 1.5 million MTPY methanol unit and seven others. (December 10, 2010)