Asia’s leading oil and gas producer CNPC has ventured into the stronghold territory of adversary Sinopec with a major petrochemical project in Jiangsu. The project is to be located in the city of Yangzhong at a total investment outlay of 20 bln yuan (US$2.93 bln). Construction is scheduled to commence in 2010 to build a refined fuel reserve, a petrochemical logistics centre, and a chemical raw materials producing base in the region. The fuel reserve is in line with China's plan to boost refined oil products storage capacity as part of efforts to enhance energy security and improve the country's ability to meet rising demand. A refined oil pipeline with a total length of 1,000 kms will also be built as an auxiliary facility.
CNPC dominates the north as well as southwestern Chongqing and Sichuan market in China, while Asia's top refiner Sinopec Group with listed arm Sinopec controls the south, central and eastern Chinese markets.
27-Oct-09 
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