Chinese firm raising funds for 1,247-mile products pipeline
March 9, 2001
China National Petroleum Corp. has authorized its subsidiary Petroleum Longchang Group to raise funds to build a 1,247-km oil products pipeline. Longchang is expected to raise 189.54 million yuan for the line, which will carry products from PetroChina's refineries in Lanzhou to Chongqing.
By an OGJ Online Correspondent
BEIJING, Mar. 9�China National Petroleum Corp. has authorized its subsidiary Petroleum Longchang Group to raise funds to build a 1,247-km oil products pipeline.
Longchang is expected to raise 189.54 million yuan for the line, which will carry products from PetroChina's refineries in Lanzhou to Chongqing. The line, which will pass 10 cities before terminating in Chongqing, will have the capacity to ship 5 million tonnes/year.
The government is still assessing the feasibility of the pipeline.
Longchang holds 20% of the pipeline project and PetroChina Co. Ltd., another subsidiary of CNPC, 80%.
CNPC plans to start the construction of the pipeline in 2001 and complete it in 2005.
