CNPC to Invest Over USD22 Billion in Xinjiang Over Next Three Years
Xu Wei
DATE:  Jul 25 2018
/ SOURCE:  Yicai
CNPC to Invest Over USD22 Billion in Xinjiang Over Next Three Years CNPC to Invest Over USD22 Billion in Xinjiang Over Next Three Years

(Yicai Global) July 25 -- China's second-biggest crude oil producer is to invest more than CNY150 billion (USD22 billion) in Xinjiang to cement the Uyghur autonomous region as a hub for oil and gas production.

China National Petroleum Corp will boost output of energy resources to over 50 million tons over the next three years, China Petroleum Daily reported company Chairman Wang Yilin, as saying at a meeting in the regional capital of Urumqi

The investment will establish Xinjiang as the largest refining and chemical processing base in northwestern China as well as the country's largest onshore oil and gas import channel, he said.

CNPC, PetroChina's parent company, has also signed a cooperation framework agreement with the government of Xinjiang to promote the rapid development of oil and gas exploration and development, oil refining and chemical industry, oil and gas sales, storage and transportation, engineering technology, finance and transportation. The autonomous region will continue to fully support the accelerated development of CNPC's business and project construction in Xinjiang, and vigorously support the construction of CNPC's gas station network in Xinjiang.

CNPC operates 15 major enterprises in Xinjiang and has invested CNY224 billion in the region over the past five years.

Editor: William Clegg

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Keywords:   Xinjiang,CNPC