PetroChina could defer oil refining and ethylene projects

27-Feb-09

Construction of two 10 mln ton oil refining projects could be defered by PetroChina Co. Ltd., partly to the markdown competition, a slowdown in the chemical industry growth, and a shift in economic conditions. One oil refining complex is to be located in Dushanzi, and will comprice a 10 mln ton oil refining project and a 1.2 mln ton ethylene project. The second project situated in Qinzhou, is a 10 mln ton oil refining project, capable of providing 6.9 mln tpa of gasoline, diesel oil and other petrochemical products. Both these projects were slated to come into operation at the end of 2009. Currently, however, the schedule seems to have altered, and construction is unlikely to be completed this year.