Rochester, NY 8/26/2009 2:57:23 PM
PetroChina Company Limited (ADR) PTR , CNPC's 1st big bang in 2011 with Chadian refinery
PetroChina Company Limited (ADR) PTR
China National Petroleum Corp, the parent of PetroChina Co Ltd has signed a memorandum of understanding with Chad's government at this date to put the country's first refinery into operation in 2011, CNPC's official website on Aug. 24, information statement.CNPC Services & Engineering Ltd. will hold a 60% stake in the refinery, which will be located in Chad, and 40% remaining will be of hold by Chad government. The two partners jointly agreed to maintain the refinery, CNPC's third refinery in Africa, and 99 years since it has been built.
In September 2007, CNPC signed a joint venture agreement with Chad to build the refinery, which started construction on Oct. 26, 2008. After the refinery’s completion, it will process an estimated 2.5 million tons of crude oil a year. In the first phase, the refinery will have a crude oil processing capacity of 1 million tons a year and will annually produce 700,000 tons of gasoline and diesel, 20,000 tons of kerosene, 25,000 tons of polypropylene, 60,000 tons of liquefied natural gas and 40,000 tons of fuel oil.
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