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 refining bases between 2016 and 2020, according to Xinhua. The move will take total refining capacity of the four bases to 130m tonnes annually, ethylene producing capacity to 9m tonnes a year a year, and oil refining capacity to the equivalent of 2.6m barrels a day.