Beijing, China: China Petrochemical Corporation receives endorsements from National Development and Reform Commission (NDRC) advisory panel to build a 200,000 bpd refinery in Northern Hebei province. This endorsement makes the company get a step closer to securing approval from the China's powerful planning agency. The setting up of this refinery will help the company meet the booming demand in the Beijing-Tianjin region and potentially aid its expansion in northeast China. This new refinery, Caifeidian expected to cost 21.4 billion yuan (USD3.40 billion) would be just 600 kms away from the China Petrochem's new oil reserve base that was put up on February 1.
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