China Trade Information

PetroChina<601857><857>, the nation’s top oil producer, is reportedly mulling expanding its refining capacity at its Lanzhou plant in northwest China’s Gansu Province, sources reported, citing Xuan Changwei, General Manager with the Lanzhou Petrochemical Corp, as saying.

PetroChina plans to double the capacity at its Lanzhou refinery to 400,000 barrels per day in the five years between 2011 and 2015, said sources.

However, the expansion plan is still subject to approval from its parent company China National Petroleum Corporation (CNPC) and the National Development and Reform Commission (NDRC).

Financial figures for the expansion plan are not available at present.

Lanzhou refinery’s operating income is expected to reach RMB 60 billion this year, and its chemical business gained RMB 1.7 billion profit in the Jan.-Nov. period, as per industry sources.

Reportedly, PetroChina has started building a crude distillation unit with an annual output of 5.5 million tons.

A-shares of PetroChina rose 1% to close at RMB 11.11 on Thursday, while its H-shares edged down 0.42% to close at HK$7.17.

Tags: CNPC, PetroChina, Petroleum

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