China’s China 's Sinopec is investing CNY200bn ( $ 29.05bn ) to upgrade its four oil bases between 2015 and 2020 , according to Xinhua . The upgrade will take total production capacity of the four bases to 130 m tonnes annually , ethylene producing capacity to 9 m tonnes a day a year , and oil refining capacity to the equivalent of 2.6 m barrels a day .
China 's Sinopec is investing CNY200bn ( $ 29.05bn ) to upgrade its four oil bases between 2015 and 2020 , according to Xinhua . The upgrade will take total production capacity of the four bases to 130 m tonnes annually , ethylene producing capacity to 9 m tonnes a day a year , and oil refining capacity to the equivalent of 2.6 m barrels a day .