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BIZCHINA> Direct Investment

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CNPC starts building JV refinery in Chad

(Agencies)
Updated: 2008-10-27 16:22

China National Petroleum Corp (CNPC), the parent of PetroChina Co Ltd, has started building a joint venture refinery in Chad. CNPC holds a 60 percent stake in the joint venture with its Chad partner taking the remainder.

The refinery, located north of N'Djamena, the capital of Chad, is designed to process 1 million tons of crude oil per year, producing around 700,000 tons of gasoline and diesel as well as 20,000 tons of kerosene annually.

The refinery is expected to start operations in 2011.

Currently, Chad has crude capacity of around 8 million tons but imports all its refined oil products.

In January 2007, Canadian natural gas company EnCana Corp said its subsidiary EnCana (Chad) Holdings Ltd completed a deal to sell its Chad exploration assets to a unit of CNPC for about $202.5 million.

(For more biz stories, please visit Industries)

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