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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