Refinery deal in Myanmar key for Zhenrong

Guangdong Zhenrong Energy Co, a major Chinese bulk commodity trader, expects the country's "One Belt One Road" strategy to help boost its overseas investments, which in its case includes a planned massive oil refinery in Myanmar.

The country's New Silk Road Economic Belt and the 21st Century Maritime Silk Road strategies were launched in 2013 to further open up to the rest of the world and speed up infrastructure connectivity in the region.

The proposed Myanmar refinery, with an expected annual processing capacity of 5 million metric tons of crude oil, has been submitted by the Guangdong provincial government to the State Council under the strategy, said Cui Yi, director general of Zhenrong Energy's refining and petrochemical department.