Oct. 2, 2009 (China Knowledge) - Sinopec<600028><0386>, Asia's largest oil refiner, plans to build a large refinery with an annual capacity of 10 million tons in Caofeidian, Hebei Province, according to Chief Financial Officer Dai Houliang.
Dai also said that the oil giant will build an ethylene plant there that will be able to produce 1 million tons of ethylene per year.
Sinopec has submitted an application to the National Development and Reform Commission, the country's top planning agency, for permission to build the two projects, said Dai.
Sinopec's new 300,000-ton crude oil terminal and related supporting facilities in Caofeidian have been in operation since October 2008.
China may build some strategic oil reserve facilities in Caofeidian, according to an earlier report from China Knowledge. In the third phase of China's strategic crude oil reserve program, the country will build 26.8 million cubic meters of storage, enough to hold about 169 million barrels.
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