Oil giants team up

Sinopec and PetroChina are to build their first joint refinery in the southwest of the country at a cost of US$1.5 billion, Reuters reported. The state oil firms have shelved plans to run refineries in competition, preferring instead to operate jointly, officials said. The refinery, which will have a capacity of about 200,000 barrels a day, should be completed in 2010. Both Sinopec and PetroChina had intended to open refineries producing 160,000 barrels a day in Guangxi province, but this was overruled by the National Reform and Development Commission.