Sinopec has announced its plans to double the refining capacity of its joint venture company Fujian Refining & Petrochemical in China at an estimated cost of ¥24bn ($3.51bn).
Expansion plans include the addition of 12 million metric tons or about 241,000 barrels a day of refining capacity, Sinopec said.
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The company will seek approval from the National Development and Reform Commission for its expansion plans, Sinopec said.
The Fujian unit currently has a capacity to produce 240,000 barrels per day and 800,000t/y of ethylene.
Sinopec and the Fujian provincial government jointly own 50% of the refining facility, while the remaining 50% is equally owned by Exxon Mobil and Saudi Aramco.
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By GlobalData
