August 8 -- China Petroleum & Chemical Corporation (Sinopec) (600028, 0386.HK) and Kuwait Petroleum Corporation’s (KPC) oil refining and chemical program was approved by China’s National Development and Reform Commission (NDRC), reports cs.com.cn, citing an unnamed source. Construction on the project begins this year and will wrap up in 2014.

According to an unnamed source, Sinopec and KPC cooperated to build oil refining and chemical integration facilities for a total investment of 60 billion yuan.

The oil refinery and chemical integration plant will have annual refining capacity of 15 million tons and will be able to turn out one million tons of ethylene. KPC will provide the plant’s crude oil, the source added.

Sinopec and KPC’s oil refining and chemical plant will be located in Zhanjiang city, southern Guangdong province.