CNPC and Saudi Aramco build refinery in Yunnan Province
Shanghai. March 21. INTERFAX-CHINA - China National Petroleum Corp. (CNPC), China's largest oil company, and Saudi Arabian Oil Co. (Saudi Aramco) signed a memorandum of understanding (MOU) on March 17 to build a refinery in southwestern China's Yunnan Province, CNPC said in a newsletter issued March 20.
The newsletter did not state when construction on the refinery would begin, but noted that it will be fed with oil from the Myanmar-China Oil Pipeline.
In a newsletter issued by Saudi Aramco on the same date, the company said the refinery will have an annual processing capacity of 10 million tons.
The Myanmar-China Oil Pipeline began construction in June 2010, with an expected completion date of 2013. It is expected to have an annual oil transmission capacity of 22 million tons.
CNPC added that it will secure 10 million tons of oil supplies from Saudi Aramco in 2011, according to contracts signed previously between the two companies.
-TW