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On the drawing board is a refinery will be able to handle 8 million tonnes of crude per annum and have a docking terminal which can handle 300,000 tonne oil tankers. Sinopec hopes to complete construction by the end of 2006. The complex will be built at the Yangpu Economic Zone.
Speaking to the media anonymously, a senior Sinopec advisor said, “It’s the market growth that’s behind the Hainan project. It’s close to where the main markets are and also stands to compete with potential imports from Singapore and South Korea.”
“Sinopec was invited by the provincial government of Hainan, famed for its beaches and rainforests, to boost its tourism-dependent local economy [and] we studied the environmental impact very carefully, so the refinery is designed to produce cleaner fuels and will therefore be more expensive,” added the source.
