March 06th, 2012 | China Economic Net Sinopec spending big to develop Xinjiang oil
China Petroleum and Chemical Corporation (Sinopec) plans to invest 53 billion yuan ($8.03 billion) to boost oil and gas production in Xinjiang, China’s western region rich in petroleum resources, by 2015, according to an announcement on Tuesday.
The country’s leading refiner said it is targeting expanding the capacity of its Tahe refinery in Kuqa country to 10 million tons per year, from 4.25 million tons in 2011, which is expected to bring 40 billion yuan of production value.
Sinopec will also add 10 oil storage facilities and 500 service stations in Xinjiang by 2015.
By 2015, the company will also develop its crude oil production in Xinjiang to 10 million tons, and 1.8 billion cubic meters of natural gas output, from 7.25 million tons and 1.59 billion cubic meters in 2011, respectively.
Sinopec will also construct two coal gas pipelines to the coastal provinces of Guangdong, Zhejiang and Shandong, aiming for operation by 2015.