Sinopec Plans to Double Venture Refinery Capacity

BEIJING, Aug 27, 2008 (SinoCast via COMTEX) -- SNP | Quote | Chart | News | PowerRating -- China Petroleum & Chemical Corporation (Sinopec Corporation, SHSE: 600028, SEHK: 0386 and NYSE: SNP | Quote | Chart | News | PowerRating) plans to double the production capacity of its joint venture refinery in eastern coastal Fujian Province during the period from 2010 through 2015.

On August 26, 2008, a memo is inked between Sinopec Corporation and the local government. If the expansion plans gets approval from the government regulators, the daily crude oil processing capacity of the refinery will swell from current 241,000 barrels to 482,000 barrels.

Sinopec Corporation is also considering the feasibility to enlarge the annual production capacity of the refinery's ethylene cracking facilities from 800,000 tons to 1 million tons. The construction of the refinery's production expansion project will be completed at the beginning of 2009.

The venture was set up among Sinopec Corporation, Exxon Mobil Corporation (NYSE: XOM), and Saudi Arabian Oil Company (Saudi Aramco), in which the Chinese and foreign parties respectively holds a 50% stake. It is unknown whether Exxon Mobil and Saudi Aramco are to invest in the expansion project.

From www.cnstock.com, Page 1, Tuesday, August 26, 2008 info@SinoCast.Com

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