Sinopec to complete refinery by January

Sinopec Group will complete the construction of a 12.5 billion yuan refinery in Qingdao in East China's Shandong Province by the end of January, a move to further tap rising demand.

The project is designed to process 10 million tons of crude annually. It will produce 7.6 million tons of refined oil per year, a source with Sinopec told China Daily.

Annual sales revenue of the plant is expected to cross 30 billion yuan, said the source, who declined to be named.