Refinery plans to invest 16.9 billion yuan before 2018 to restructure and upgrade its oil refining business

Zhenhai Refining& Chemical Co, Sinopec's largest refining unit, plans to build itself into a world-class crude processing base, as it benefits from the refining business amid the biggest crude price slump in a generation.

"If we want to play on a global stage, we should build ourselves into a world-class business. This means that we need a larger capacity for high-quality products," said Zhang Yuming, general manager of the Zhenhai refinery.