(Monday Morning, Aug 10, 2006) The project, between China’s Sinopec and the Kuwait Petroleum Corporation, will become the biggest Sino-foreign joint venture in the petrochemical industry, according to the Shanghai Securities News.
The giant operation will be located near the city of Nansha in South China’s Guangdong Province, a part of China where long lines at the gas stations have come to symbolize the country’s insatiable thirst for oil.
“Guangdong Province is a major consumer of gas and diesel, and supply is simply not ample enough”, said Qiu Xiaofeng, a Shanghai-based oil analyst with Everbright Securities.
China, the world’s second-biggest oil consumer after the United States, used about 318 million tons of oil last year, of which 40 percent was imported, according to earlier reports.
source:http://www.zoomchina.com.cn/index.php?/content/view/11006/1/

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