PetroChina-owned company awaits approval for massive expansion plans

PetroChina owned refinery, PetroChina Lanzhou Petrochemical Company has expansion plans for 2011 - 2015 to augment its crude oil refining capacity from 10.5 mln tpa to 20 mln tpa while increasing its ethylene production capacity from 700,000 tpa to 1,000,000 tpa. The proposed expansion plan is yet to be given a go-ahead by headquarters of PetroChina Corp Ltd. The Industry experts expect the state-run crude processor PetroChina's downstream businesses to be profitable as a near-US$100/barrel drop in oil prices since July with drag earnings of the upstream business down going into 2009.
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