OREANDA-NEWS. September 11, 2012. China’s State Council, the National Development and Reform Commission (NDRC) officially granted the approval for Sinochem’s 12-million-ton-per-annum oil refining project based in Quanzhou, Southeast China. This marked a significant breakthrough made by our company in the oil refining field and also an important achievement made by our company in our great effort in the strategic transformation and improving our oil industrial chain, reported the press-centre of Sinochem.

In October 2005, Sinochem Group made the decision to build an oil refinery in Quanzhou. In September 2006, Sinochem Quanzhou Petrochemical Co., Ltd. (Sinochem Quanzhou) was incorporated. In December 2008, Sinochem Group obtained the approval from the National Energy Administration for preparatory tasks of the project. In August 2011, Sinochem Group’s Environment Impact Assessment Report on the project was approved by the Ministry of Environmental Protection.

The refinery is one of the key projects that are included in the national oil refining planning and will be constructed and put into operation during the “Twelfth Five-year Plan” period. With a designed annual crude oil processing capacity of 12 million tons, the refinery will mainly produce high-quality kerosene, gasoline, and diesel. After it is brought into operation, the refinery will become one of the most competitive refineries in the industry.

In the oil refining field, Sinochem Group currently not only is the largest shareholder of first Sino-foreign joint venture refinery, West Pacific Petrochemical Company Ltd. Dalian (WEPEC), but also holds Sinochem Hongrun Petrochemical Co., Ltd. with an annual crude oil processing capacity of 5 million tons. The construction of the refinery in Quanzhou will greatly strengthen Sinochem Group’s industrial capability in the refining field, and make more contribution to the upgrade of the national petrochemical industry, construction of the Western Taiwan Straits Economic Zone and the economic takeoff of Fujian Province and surrounding areas.