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China Petrochemical Corporation (Sinopec), the nation's biggest fuel supplier, plans to shut its 160,000- barrel-a-day refinery in Luoyang city in Central China in September for maintenance, said the head of the plant, Bloomberg reported Saturday.
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The plant's oil processing volume will drop to no less than 7 million tons, or 140,000 barrels a day, this year, from 7.58 million tons last year, reducing sales to at least 40 billion yuan ($6.1 billion) from 45.5 billion yuan a year earlier, according to Wei.
Sinopec may more than double the plant's refining capacity to more than 18 million tons by 2020 after the central Chinese province's oil-product demand rose to 10 million tons last year, Wei said.
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