China National Petroleum Corporation (CNPC) plans to spend US$2.4 billion on upgrading its oil-refining process, Bloomberg reported, citing the firm’s General Manager Zhou Jiping. The move is a response to government calls for emissions controls after Chinese capital Beijing was blanketed in hazardous levels of smog during much of the past two months. CNPC, the nation’s biggest oil producer, will join China Petrochemical Corporation (Sinopec Group; SNP.NYSE, 0386.HKG, 600028.SHA) in the push to produce cleaner fuel.
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