The China National Offshore Oil Corporation, the third-largest national oil company in China, has successfully completed the second phase of its refinery project in Huizhou city, Guangdong province, the 21st Century Business Herald reported.
The capacity of the new oil refinery, which took three years to construct, is 10 million metric tones per year. However, it’s expected the total capacity of primary processing for crude oil in the Huizhou refinery will reach 22 million metric tones per year.
The Huizhou refinery is expected to produce different types of oil products for both overseas and domestic markets. So far, 92% of oil refining is produced within the country.
The Huizhou refinery also produces ethylene at a scale of 2.2 million metric tones per year.
By the end of 2017, the refinery’s output is expected to exceed 200 billion yuan, with a total asset value of more than 100 billion yuan and a tax bill exceeding 40 billion yuan (US$6 billion).