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The refinery project is expected to be completed and put into operation in the second half of 2007. The first phase of the project design can produce 7.6 million tons of gasoline, diesel, jet fuel and 1 million tons of chemical light oil per day. The refined oil produced mainly guarantees the supply in East China and Central China markets. It is understood that the crude oil required for this project is mainly imported.
Wang Keming, vice chairman of Sinopec Corp., may have come mainly from Saudi Arabia because our project is considering joint ventures with Saudi Arabia.
Today, Qingdao Port’s third phase 300,000-ton crude oil jetty, which is in line with the Qingdao refinery project, is also signed. The terminal will be the world’s largest crude oil terminal with a total investment of 700 million yuan, and Sinopec and Qingdao Port each account for 50%.
The reporter also learned from Qingdao that significant progress has been made in the establishment of a national strategic oil reserve base for China since 2003. The first base will begin to reserve crude oil by the end of the year.
Reporter: This is the location of the Qingdao Daqing Refining Project which has just started construction today. On both sides of it, it is the Huangdao Petroleum Reserve Base of China's four state-level petroleum reserve banks under construction.
For the first time, China has established a national strategic oil reserve, and has planned four bases (starting with word plate) in Ningbo, Zhenhai, Zhoushan, Huangshan, and Xingang, Dalian. (The end of the word board) The first phase of construction will form the ability to reserve crude oil for 14 days. The four base countries entrust Sinopec and PetroChina with the construction.
Vice Chairman of Sinopec Corp. Wang Jiming: Zhenhai’s progress is the fastest. It is estimated that this year's first-phase project will be completed. How about Qingdao?
The first phase of work is currently underway and it is estimated that it will not be possible to complete the first phase of the project until 2007.
According to reports, the 16 oil tanks in the first phase of the Zhenhai oil reserve base will be completed by the end of the third quarter of this year, and oil storage will begin at the end of this year.
The largest refinery project started at the end of the national strategic oil reserve into the oil
From July 1, Beijing will fully use Euro III gasoline. China is currently the largest and most technologically advanced oil refinery. Today it broke ground in Huangdao, Qingdao. The refinery, jointly funded by Sinopec, Shandong Province and Qingdao City, will produce refined oil that will reach Euro III standards.