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On 18 Nov, the launch ceremony of Sinopec Qingdao
Refining and Chemical Co.,Ltd. was held in Qingdao. The former Vice Chairman of
CPPCC, Mr. Chen Jinhua, Deputy Secretary of Shandong provincial CPC Committee
and Party Secretary of Qingdao, Mr. Du Shicheng, Vice Major of
Shandong
province, Mr. Zhang Zhaofu, Chairman of Sinopec Mr. Chen Tonghai, Vice Chairman
and President of Sinopec, Mr. Wang Jiming attended the launch ceremony.
Qingdao Refining Project is the key petroleum and chemical project in
China，and the first ten million tonnes level refinery newly established by
Sinopec in 21st century, playing an important role in adjusting the domestic
refining industry structure, improving international competence of the refining
enterprises and well boosting the local economic development. Qingdao Refining
Project was designed in accordance with the concepts and visions of 21st century
refinery with the salient characteristics of the scale economy, advanced
technology, leading friendly environment and etc. From the process of raw
material, processing, to product refining, the whole production line adopted the
hydrogen refining process technology. The process installation and system
engineering adopted the integrated energy-saved expertise. In the aspects of the
product structure, quality and public engineering consumption, friendly
environment index and etc. rank at the leading position domestically, meet the
international advanced standard.
The establishment of Qingdao Refining and Chemical Co., Ltd. marks the
Qingdao Refining Project has been embarking on an accelerating construction
path. From sources, the project is expected to be completed and put into
operation in the first half of 2007. After going on stream, the annual refining
capacity of the imported sour crude is estimated to be 10 million tonnes, the
production of the refining oil over 7.6 million tonnes, it is estimated that
over RMB20billion sales revenue will be realized, meanwhile, the product quality
and every economic technology index will be improved to meet Euro Ⅲ and
international advanced standard respectively.
Qingdao Refining Project received great support from the related
departments of the State Council, Shandong provincial government and CPC
committee and Qingdao city. In Feb 2001, Sinopec group, Shandong provincial
government and Qingdao municipal government signed the “Letter of Intent for
cooperation on Qingdao Refining Project”. Afterwards, the State Council approved
the project proposal and in June 2004 formally approved the project feasibility
report.
In addition, in order to better provide storage and transportation
auxiliary service for Qingdao Refining Project, Sinopec and Huarun Petroleum and
Chemical (Group) Ltd. signed the “Agreement on Shares transfer of Qingdao Qirun
Petroleum and Chemical Ltd.” and the “Agreement on Options of Shares Transfer of
Qingdao Qirun Petroleum and Chemical Ltd.”. The Company acquired the all
shareholdings of Qingdao Qirun Petroleum and Chemical Co., Ltd. held by Huarun
Petroleum and Chemical (Group) Ltd.
Qingdao Refining Project was invested by Sinopec, Shandong International
Trust Investment Company and Qingdao International Trust Investment Company,
which held 85 per cent, 10 per cent and 5 per cent equity respectively. Total
investment of the project is estimated to RMB 9.713 billion (including US
$0.177billion). Construction of the project is expected to be completed in
2007.
Qingdao Qirun Petroleum and Chemical Co. Ltd., established in 1993, was
invested by Sinopec and Huarun Petroleum and Chemical (Group) Ltd., which held
59.5 per cent and 40.5 per cent equity respectively. The company was put into
production in August 1996, and its principle operations are storage,
transportation and transfer of crude, refining oil products and petrochemical
products. Enditem will
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