The China National Petroleum Corporation, one of the largest integrated energy groups in the world, is planning to invest more than 150 billion yuan (US$22.08 billion) in Xinjiang, the autonomous region in northwest China in the coming three years, The Paper reported.
The oil and gas giant plans to promote the steady growth of oil and gas above 50 million tons and build Xinjiang into the largest refining and chemical processing base in northwestern China, as well as the largest oil and gas import channel in the country.
At present, the conglomerate has 15 large enterprises settled in Xinjiang. Over the past five years, it has completed a total investment of 224.7 billion yuan in the region.
According to the cooperation agreement signed between CNPC and the local government, the company will fully promote the development of oil and gas exploration, oil refining and the chemical industry, as well as the sales, storage, transportation of oil and gas in Xinjiang, so as to boost the economic development of the region.