China Petroleum & Chemical (Sinopec) reported it has received central government approval to proceed with its RMB 8.8 billion Qingdao oil refinery project set to begin refining operations in 36 months. China National Offshore Oil Corp, parent of red chip CNOOC, still awaits approval on plans to build a RMB 14 billion, 12 million-tonne-a-year Guangdong refinery in Huizhou — as does Sinopec parent China Petrochemical, which has plans for a refinery with an 8 million tonne annual capacity on Hainan Island.
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