Sinopec, PetroChina to join forces in Qinzhou refinery

China Petroleum and Chemical Corp. (Sinopec) will take a stake in PetroChina Company’s US$2 billion oil refinery in Qinzhou, in the southwestern province of Guangxi. The Qinzhou refinery will process 10 million tons of crude oil annually, the National Development and Reform Commission, China’s top economic planning body, said. According to Shen Gang, vice president of PetroChina’s chemicals and marketing unit, both companies obtained the central governments approval in February. However, discussions are on going to decide the participation of each respective company. (April 7, 2007)