Oil and gas producer PetroChina will increase its refining capacity by 2017 in its efforts to become a major global refiner.
From Sui-Lee Wee, Reuters:
HONG KONG, Aug 28 (Reuters) - PetroChina (0857.HK), the world's most valuable oil and gas producer, said it plans to pump up its refining capacity by two-thirds by 2017, banking on fuel pricing reforms at home to improve its finances as it bids to become a major global refiner.
PetroChina, China's No. 2 refiner after Sinopec (0386.HK) (SNP.N) (600028.SS), is aiming to raise its annual refining capacity to 200 million tonnes per year within seven to eight years, in its bid for 40 percent of its home market, President Zhou Jiping told reporters at a media briefing on Friday.
He added the company needs such capacity to be more like its global rivals such as Exxon Mobil (XOM.N), BP (BP.L) and Royal Dutch Shell (RDSa.L).
