OREANDA-NEWS. June 21, 2011. Oil refiner and is also known as Sinopec, plans to build a new large refining complex in Jiangsu Province in East China, local media reported.

The complex, to be located in the Xuwei New Area of the coastal city of Lianyungang, will be able to process 32 million metric tons of crude oil each year.

Total investment in the project is expected to exceed RMB 100 billion, said the report. The company is waiting for approval from the National Development and Reform Commission, and construction is expected to start in 2013 and production to begin in 2016.

The first phase of the project will have an annual refining capacity of 12 million metric tons and an annual production capacity for 1 million metric tons of p-xylene.

Both Sinopec and the local government will have stakes in the project, but no agreement has been reached yet, said President Wang Tianpu, adding the oil giant plans to invite major foreign petrochemical firms to join the project.

In 2010, Sinopec's crude oil processing volume surged 13% year on year to 211 million metric tons.