China's Sinopec is investing CNY200bn ($29.05bn) to upgrade its four refining bases between 2016 and 2020, according to Xinhua. After the upgrades, Sinopec estimates the four sites will generate revenue of 800 billion yuan by 2020, based on $54 a barrel crude oil prices. The investment will be made in the form of a joint venture with PetroChina that would see Sinopec's refinery at Jurong East expanded from 300,000 tonnes per year to 1 million tonnes.
China's Sinopec is investing CNY200bn ($29.05bn) to upgrade its four refining bases between 2016 and 2020, according to Xinhua. The investment will be made in the form of a joint venture with PetroChina that would see Sinopec's refinery at Jurong East expanded from 300,000 tonnes per year to 1 million tonnes.