Published on June 28, 2016
Chinese second-largest state-run refiner PetroChina is planning to begin operating a new refinery in the southwest of China in October to boosting the nation's already-surging crude imports.
Saudi state oil firm Aramco is looking to invest USD1-1.5 billion in the refinery as well as the retail assets of PetroChina.
The Yunnan refinery has been delayed several times as tightening environmental regulations forced PetroChina to resubmit approvals for changes to plant configurations.
Crude imports into China, the world's second-largest buyer, increased by around 16 percent in the first five months of 2016 from the same period last year, the fastest growth in more than a decade.
