PetroChina Co (
The provincial government will soon reveal the location of the refinery, Zhong told reporters at the Boao Forum for Asia in Hainan on Saturday. He declined to provide further details. The Pearl River Delta region southwest of Hong Kong accounts for about a third of China's exports.
China, the world's largest oil consumer after the US, is encouraging local oil companies to expand refining capacity to meet its soaring demand for energy.
China's oil consumption this year may rise 5.5 percent according to the International Energy Agency forecast on April 12.
Kuwaiti Oil Minister Sheikh Ahmad Fahd al-Sabah visited Guangdong and met with PetroChina officials to talk about the refinery project last December.
Persian Gulf oil producers such as Saudi Arabia, Kuwait and the United Arab Emirates are investing in Asian oil-consuming countries, seeking to tie their oil production with demand in nations such as China, South Korea and Taiwan.
The refinery planned by Kuwait will have the capacity to process up to 400,000 barrels a day of crude oil, the state-run Kuwait News Agency reported on Dec. 5, citing al-Sabah.
Kuwait, the world's fourth-largest holder of oil reserves, will supply the crude, the report said.
China wants to raise its oil refining capacity by 25 percent in the next five years to meet rising demand for motor fuels and chemical raw materials.
It may increase its crude oil processing capacity to 355 million tonnes by 2010 from 285 million tonnes this year, the National Development and Reform Commission, the nation's top economic planning agency, said on its Web site on March 16.
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