Monday, March 10, 2008

Sinopec Jinling to raise crude output

Sinopec Jinling Co, a unit of China's largest oil refiner Sinopec<600028><386>, plans to raise its crude refining capacity by 33% to process 18 million metric tons of crude oil annually by 2010 on surging demand for fuel in the world's fastest-growing major economy, said Zhang Dafu, chairman of the refinery.

Zhang said the company will boost its oil-processing capacity by around 6% this year, adding that more than 80% of the company's crude oil is imported.

Sinopec Jinling, which is estimated to lose RMB 1.5 billion (US$211 million) in the first quarter, plans to shut about one-third of its capacity in April and May for maintenance, according to Zhang.

Based in Nanjing, eastern Jiangsu Province, Sinopec Jinling is principally engaged in crude oil refining and petrochemicals production and sales.

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