Top oil producer PetroChina is set to build another gigantic refinery and an ethylene plant in Sichuan Province. The energy conglomerate inked a strategic framework agreement with the provincial government in Beijing to set up the downstream facilities in Chengdu, capital of Sichuan.

The deal involves an investment of more than 50 billion yuan, with the ethylene cracker costing around 20 billion yuan. The ethylene facility plan has been given a green light by China's top economic planner, but it's not clear if the refinery has got the official approval from the National Development and Reform Commission (NDRC).

The NDRC this year approved a new PetroChina refinery in Guangxi, with an investment of 15.2 billion yuan and a planned processing capacity of 10 million tons. It's supposed to supply fuel to not only Guangxi, but also Yunnan and Guizhou provinces.

Source:佚名