China unveils major oil and gas plan

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China's largest oil and gas producer, China National Petroleum Corp (CNPC), has revealed its plans to ramp up its oil and gas production capacity in the remote northwest province of Xinjiang, to the oil equivalent of 60 million tonnes million tonnes per year by 2020. The company will also build six petroleum reserve depots in the region.

State-owned CNPC says that annual crude oil refining capacity in the region will be boosted to 30.5 million tonnes by 2020, up from current levels, which now ex