China's State Council, or cabinet, has formally approved the initial phase of construction on a CNY58 billion ($9.21 billion) refinery project by China National Petroleum Corp. and Petroleos de Venezuela SA, a person familiar with the situation said Monday.
China
's
State Council, or cabinet, has formally approved the initial phase of
construction on a CNY58 billion ($9.21 billion) refinery project by China
National Petroleum Corp. and Petroleos de Venezuela SA, a person familiar with
the situation said Monday.
The refinery, to be built in Jieyang city in
Guangdong
province, will have an annual refining capacity of 20 million metric tons, or
around 400,000 barrels a day, in the initial phase of the project, the person
told Dow Jones Newswires.
Work on the project is expected to begin soon.
China National Petroleum Corp. is the state-run parent of Shanghai- and Hong
Kong-listed PetroChina Co. (PTR).
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