Sinochem gets approval for new refinery

China’s National Development and Reform Commission (NDRC) has officially granted approval for Sinochem’s oil refining project in Quanzhou, Southeast China. This marks a significant breakthrough by Sinochem in the oil refining sector. The refinery is one of the key projects included in the national oil refining plan; it will be constructed and put into operation during the “Twelfth Five-year Plan” period. With a designed annual crude oil processing capacity of 12 million tons, the refinery will mainly produce high-quality kerosene, gasoline and diesel fuel. The plant will become one of the most competitive refineries in the industry. Sinochem Group is the largest shareholder of the first Sino-foreign joint venture refinery, Dalian West Pacific Petrochemical Company Ltd. (WEPEC). It also owns Sinochem Hongrun Petrochemical Co., Ltd., which has an annual crude oil processing capacity of 5 million tons. (August 31, 2012)