The 15 mil. T/A (300 000 barrels per day) oil refining project, launched by a joint venture by Sinopec Group and Kuwait Oil Company, will be constructed in Nansha of Guangzhou, source reveals yesterday (July 24th).

With an investment of 5 billion USD, the project will boost the petrochemical storage business, the construction of infrastructures such as dock, water and electricity system, and downstream projects.

Background:
According to the provincial 11th five-year development plan, Guangdong will invest 180 billion RMB (21.7 billion USD) stepping up construction or expansion of five petrochemical bases, five oil-refining projects, five ethylene projects and a number of downstream chemical projects along the southern coastal areas.

Editor: Donald