PetroChina Proposes New Layout in Oil Refining & Chemical

PetroChina held Board meeting in November and four proposals were approved, including the PetroChina’s Oil Refining & Chemical Business Transforming and Upgrading Plan.

The company aims to improve its core competitiveness in the oil refining and chemical sectors. It will combine its own transforming and upgrading with China’s oil & gas system reform as well as the supply-side structural reform. 

Five key projects are mentioned in the Plan. The oil refining project of Yunnan Petrochemical, with capacity of 13 million mt per year, has been put into use. The oil refining upgrading project at PetroChina North China Petrochemical is scheduled to be brought on stream in 2018. The 16 million mt per year oil refining project of Sino Russian Oriental Petrochemical (Tianjin), 15 million mt per year oil refining & chemical Phase I project and the 20 million mt per year heavy oil processing project are under planning.

Additionally, Guangdong Petrochemical is planned to be established as a world-class heavy oil processing base with ethylene and aromatics to be produced as well. 

In short, PetroChina intends to develop its oil refining & chemical business towards large-scale and integrated direction.