Companies / China
Sinopec Buys Hainan Refinery For US$377mn
October 2006 | Industry NewsChina Petroleum & Chemical Corporation (Sinopec), Asia's top crude refiner, is to pay US$377mn (CNY2.99bn) to buy 75% of a new refinery in southern China from its state parent. The purchase of the month-old plant, Hainan Petrochemical, is part of Sinopec's strategy to exploit the growth potential of a recovering sector amid slipping oil prices. China's refining capacity reached 6.59mn barrels per day (b/d) in 2005, but is set for more rapid expansion to an estimated 9mn b/d by 2009/10 as the country tries to keep pace with rising domestic fuels consumption and the needs of its expanding petrochemicals
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