Dalian Petrochemical Co. is a subsidiary of China National Petroleum Corporation (CNPC). It will become China’s biggest oil refining base this year as mentioned by company resources.
According to sources, seven sets of advanced oil refining equipment for Dalian Petrochemical will be developed. This equipment will be working by the end of this year. Five of these sets are said to be the biggest in the country according to Shanghai Securities News on Saturday.
After the installation of this equipment, the company would become the largest oil refining base in the country. It is expected to process 20.5 million tons of oil on an annual basis.
There has been 10.7 billion yuan (1.5 billion U.S dollars) invested in this refining project. The oil refining equipment technologies have been introduced by the world’s foremost oil companies. That includes companies like Royal Dutch/Shell Group.
Wang Zhen, a professor with China University of Petroleum, said "This will help ease the oil shortage in some parts of the country, but cannot solve the problem from the root," He further added, "Unreasonable pricing mechanism of refined oil should be blamed for the diesel and gasoline shortages,"
Crude prices in china are already according to international levels. However, the refined oil price is still regulated by the central government.
There has been an acute oil shortage in southern regions of Guangdong, Guizhou, Yunnan, Shanghai and Chongqing as the international oil price skyrocket.
CNPC and Sinopec, country’s leading oil producers and refiners, earlier reported that they will intensify their efforts to increase market supply and distribute higher quantities of oil to the areas suffering from shortage.
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