March 7, 2012 / 7:38 AM / 8 years ago

Sinopec, Hainan eye approval for refinery expansion this yr

BEIJING, March 7 (Reuters) - China Petroleum & Chemical Corp (Sinopec) and Hainan province aim to win final approvals from the central government this year to expand the 160,000 barrels-per-day Hainan refinery, according a Hainan local government report.

The provincial government and Sinopec signed a cooperation agreement on Dec 14 to add 100,000 bpd of crude refining capacity and 1 million tonnes-per-year of ethylene production capacity, said the report, which was released on the sidelines of China’s annual parliament meeting.

The expansion project, estimated to cost 39 billion yuan ($6.2 billion) and take 32 months to build, would add 70 billion yuan of economic output for the island province in China’s south, the report said.

Hainan’s government had also set a target to start construction of a Sinopec commercial crude oil storage facility this year, as well as two bonded storage facilities for refined products in partnership with two other companies, it said.

The government gave no more details on the storage projects.

($1 = 6.31 yuan)

Reporting by Jim Bai and Chen Aizhu; Editing by Richard Pullin

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