China Sinopec executives expected

Back in China Sinopec executives expected, however, pressure to perform and the "security for" under the pressure of social responsibility, has not been relaxed refining capacity investment progress. At the same time, "but also from a global
strategic perspective, actively looking for investment opportunities in the international market."  Briquette machine  official said.
2010 Total announced its withdrawal from the joint venture with Saudi Aramco Yanbu refinery project shortly after the Chinese Sinopec announced over the project, the joint venture with Saudi Arabia, to continue to build the project.
It is understood that the Yanbu refinery project in the Middle East in recent years, one of the largest oil refining projects, daily crude oil processing capacity of 400,000 barrels (annual production of about 20 million tons). Once the project is put into production, not only to meet domestic demand for refined
oil Saudi Arabia, but also cover other Middle Eastern oil market, has been a multinational oil giants in the eyes of "fat."
According to the 2011 Memorandum of  machine for pellets  signed by both sides, China's Sinopec will hold a 37.5% equity interest in the project, Saudi Aramco holds the remaining 62.5% stake.
"In the past three oil central enterprises are eyeing the domestic market, but with excess capacity, market competition will become increasingly intensified, they have begun to plan how to build their own international trade channels and network layout, the future of China's oil industry will focus on
overseas investment Eventually, the whole industry chain upstream distributed evenly to change. "transnational investment bank analyst said.