Sinopec to close 10 million tonnes of refining capacity

By an OGJ Online Correspondent

BEIJING, Oct. 3 -- China Petrochemical Corp. (Sinopec) plans to close inefficient oil refining units with a combined capacity of 10 million tonnes in the next 3 years.

About 50% of the capacity slated for closure will come from subsidiary China Petroleum & Chemical Corp. (Sinopec Corp.)

Sinopec processed 111.77 million tonnes of crude oil last year, with 105 million tonnes run by Sinopec Corp.

Sinopec has already closed down refining units with a combined capacity of 5 million tonnes.

In addition to refining units, Sinopec will also close 15 inefficient chemical plants. No timetable or specifics were given.

PetroChina Co. Ltd. recently announced plans to close 16 million tonnes of refining units by 2005 (OGJ Online, July 31, 2001).

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