February 25, 2009

PetroChina Delays New Refineries

Oil and gas refinery projects, long in planning, are underway all over China with at least two planning production this year - an ExxonMobile joint venture between Sinopec and Saudi Aramco along the Fujian coast and CNOOC's first major refinery at Huizhou in Guangdong. Even more capacity is planned including a multi-billion dollar value Saudi-Chinese refinery inked in China's recent state visit to Saudi Arabia.

With the global correction underway, however, PetroChina announced it will delay two big (10 million ton capacity) refinery projects in the Xinjiang and Guangxi autonomous regions...

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