August 31 -- Investment in the oil refining industry totaled 69.6 billion yuan during the first seven months of 2011, an increase of 17.1 percent year-on-year, reports the National Development and Reform Commission.

Total investment in the industry in July was 11.8 billion yuan, falling 25.8 percent month-on-month. Some 711 oil refinery projects were built during the first seven months, dropping 5.6 percent year-on-year; construction on 395 projects began in the same period, down 14.1 percent year-on-year; 204 projects were completed over the same period, up 2.5 percent year-on-year.

The output value of the oil refinery industry increased 32.6 percent year-on-year to 257 billion yuan during the first seven months of 2011. The volume of crude oil processing jumped 5.9 percent year-on-year to 37.49 million tons over the same period.

Total output of refined oil was 22.16 million tons in July, up 4.4 percent year-on-year. Of which, the oil output rose 3.4 percent to 6.54 million tons, the paraffin output went up 8.5 percent to 1.63 million tons, and diesel output was 13.99 million tons, up 4.3 percent.

Refined oil exports were 1.03 million tons in July, while refined oil imports totaled 490,000 tons. Net exports of refined oil grew by 150,000 tons month-on-month last month July to 540,000 tons. Of that total, net exports of oil were 300,000 tons, and net exports of diesel totaled 200,000 tons.

Shares of Sinopec Group (600028,0386.HK) fell 0.41 percent to close at 7.36 yuan today.

Source:capitalvue