CNPC to invest in 5 new oil, gas projects
China National Petroleum Corporation (CNPC), parent of China’s largest oil and gas producer PetroChina<601857><857>had approved five new projects, which include oil and gas pipelines, oil refinery and chemical production, sources reported.
The new projects, involving an investment of approximately RMB 200 billion, were approved at a company conference on Dec 19, CNPC said on its website.
Industry insiders said the five projects could include the construction of oil pipeline between China and Russia, an oil refinery in Chengdu, Sichuan province and an oil and gas pipeline linking Yunnan province and Myanmar.
The oil pipeline between China and Russia, designed with a transmitting capacity of 30 barrels Sybera oil to China per day, is expected to be completed in the end of 2009.
The Chengdu plant, with an investment of around RMB 10 billion, will have an oil refining capacity of 10 million tons per year and ethylene production capacity of 800,000 tons per year.
The construction of the Yunnan-Myanmar gas pipeline is expected to start in the first half of 2009. Upon completion, it can provide an alternative route for China’s crude imports from the Middle East and Africa and alleviate the country’s dependence on energy transportation through the Strait of Malacca.
Investment focus will be put on discovering more oil and gas resources in 2009, according to Jiang Jiemin, CNPC’s general manager.
Tags: China Investment, CNPC, PetroChina, Petroleum