Sinopec has announced plans to build a 100-billion yuan oil refinery at Lianyungang, an industrial port in northeast China's Jiangsu Province, the National Business Daily reported.

The complex will be China's largest refinery yet, with a projected annual processing capacity of 32 million metric tons.

The National Development and Reform Commission, China's top economic policymaking body, is expected to approve the first stage of construction on the complex in 2013. Sinopec hopes to begin operating the refinery by 2016.

The local government will take a stake in the project, but it hasn't reached an agreement with Sinopec yet on how costs for the project will be split.

Crude oil for refinery will primarily be imported from the Middle East Wan Xuezhi, a researcher from CIConsulting, told National Business Daily. But the oil reserves Sinopec has built up will help the company offset oil price shocks from instability in the region, he said.

《每日經(jīng)濟(jì)新聞》報(bào)道，中國(guó)石化將投資1000億在江蘇連云港元建設(shè)煉油一體化項(xiàng)目。

在其建成后，將成為中國(guó)最大的煉油一體化項(xiàng)目，煉能超過(guò)每年3000萬(wàn)噸。

該煉油一體化項(xiàng)目的一期工程有望2013年通過(guò)發(fā)改委核準(zhǔn)并開(kāi)建， 并于2016年投產(chǎn)。

另外，現(xiàn)階段還沒(méi)有明確中國(guó)石化與當(dāng)?shù)卣诖隧?xiàng)目上的投資比例。

中投顧問(wèn)能源行業(yè)研究員宛學(xué)智在接受《每日經(jīng)濟(jì)新聞》記者采訪時(shí)表示，"該項(xiàng)目原油將主要來(lái)自中東地區(qū)，煉油項(xiàng)目的業(yè)績(jī)受原油價(jià)格影響較大，但是儲(chǔ)備體系的建立有利于降低原油價(jià)格波動(dòng)對(duì)其產(chǎn)生的沖擊。"