By an OGJ Online Correspondent
BEIJING, Oct. 8 -- China National Chemicals Import & Export Corp. (Sinochem) will take a 51% stake in a proposed refinery in southern China's Hainan province.
The first phase of the Hohbond refinery, to begin construction in June, will cost $860 million. It calls for building a single point mooring system with capacity of 350,000 tonnes, 700,000 cu m of oil storage facilities, and a 450,000-kw power plant.
The $1.6 billion refinery will be rated at 4 million tonnes/year when completed in 2005 and will be expandable to 6 million. It is expected to mostly run Middle Eastern crude.
Storage will be expandable to 2.4 million cu m. The second phase includes a 400,000 tonne/year ethylene cracker.