Sinopec group, parent of Sinopec Corp, will invest 200 billion yuan ($29.05 billion) to upgrade four refining bases between 2016 and 2020 to produce higher-quality fuels, the company said in an emailed statement on Thursday. Zhanjiang 's Sinopec is investing CNY200bn ($ 29.05bn ) to upgrade its four refining bases annually , according to Sinopec . The move will take total refining capacity of the four bases to 130m tonnes between 2016 and 2020 , ethylene producing capacity to 9m tonnes a year a year, and oil refining capacity to the equivalent of 130m tonnes a day.
Zhanjiang 's Sinopec is investing CNY200bn ($ 29.05bn ) to upgrade its four refining bases annually , according to Sinopec . The move will take total refining capacity of the four bases to 130m tonnes between 2016 and 2020 , ethylene producing capacity to 9m tonnes a year a year, and oil refining capacity to the equivalent of 130m tonnes a day.