“The facility will have an annual refining capacity of imported soured crude of 10 million tons, and a production capacity of refining oil of over 7.6 million tons [per annum],” Sinopec said in a statement.
“It is estimated that over 20 billion yuan (US$2.4 billion) sales revenue will be realised [and] the product quality and every economic technology index will be improved to meet Euro III and international advanced standards respectively."
Sinopec holds an 85% stake in refining project. The balance is held by Shandong International Trust Investment Co (10%) and Qingdao International Trust Investment Co (5%). It is also understood Saudi Arabia’s Saudi Aramco is interested in taking a stake.
