Sinopec steel flange to increase oil processing at Zhenhai refinery

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Sinopec steel flange to increase oil processing at Zhenhai refinery
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Sinopec to increase oil processing at Zhenhai refineryPublished: 08 Jul 2009 23:57:15 PST

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Jul. 9, 2009 (China Knowledge) – China Petroleum & Chemical Corp (Sinopec)<600028><0386><SNP>, a subsidiary of China Petrochemical Corp (Sinopec Group), intends to increase the crude oil processing volume at Zhenhai refinery, which is located in Ningbo City, Zhejiang Province, to 1.6 million tons in July, sources reported.

According Dow Jones Newswires, the refinery’s processing capacity will swell to 376,800 barrels per day (bpd) this month, up 6.8% from 352,800 bpd last month. Its operating rate will be 94%.

Reportedly, an oilfield project in which Sinopec holds a 25.1% stake and in which Russia-based Rosneft holds the remaining 74.9%, started drilling on Jul. 8. Transocean Shelf Explorer is in charge of the oil and gas exploration for the oilfield, which is located in the Pacific Ocean.

Sinopec and Germany-based BASF AG will jointly invest US$1.4 billion to expand their petrochemical complex in Nanjing in eastern China. The new investment is 40% more than originally budgeted for the expansion project, China Knowledge reported earlier.



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