A large oil-refining project with capacity of 10 million tons has just been approved by the National Development and Reform Commission.

The project, located in Qinzhou of southwest China's Guangxi Zhuang Autonomous Region, becomes the first 10-million-ton project of oil refining in southwest China.

A total of 15.2 billion yuan (1.9 billion U.S. dollars) will be invested in the project, which is to be constructed by the China National Petroleum Corporation (CNPC), the country's largest oil and gas producer.

The project, to be completed in 2008, will enhance competition between CNPC and its major domestic rival Sinopec Group in the market of southwest China.

The project will mainly refine crude oil produced by CNPC outside China.

Source: Xinhua