It is reported that Shaanxi Yanchang Petroleum Group signed agreements with the Yanan government to invest CNY 70 billion in Shaanxi province over the next three years.

The investment will go to 10 major projects including the building of 10 million tonnes of crude oil production capacity, three billion cubic meters of gas production, a 1.5 million tonnes methanol project and the building of one million tons of ethylene production capacity.

Yanchang Petroleum is a state owned enterprise owned by the province and is engaged in the exploration, processing, transmission and sale of oil and natural gas. Crude oil output in 2009 hit 11.3 million tonnes while crude oil processing volume hit 11.89 million tonnes. It sold 11.36 million tonnes of oil products in the same year.

The company recorded profit of CNY 5.02 billion in 2009 on sales revenue of CNY 80.63 billion.

(Sourced from 163.com)