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|Tuesday, July 10, 2001, updated at 08:18(GMT+8)|
Major Oil Refinery Operational in East ChinaAn 8-million-ton oil refining project went into operation Monday at the Sinopec Zhenhai Oil Refinery in Zhejiang Province, adding the plant's annual oil refining capacity to 16 million tons a year.
The project cost three billion yuan (361 million U.S. dollars), 7.7 billion yuan (928 million U.S. dollars) less than the planned investment approved by the Chinese government in 1995, which was hailed as a miracle in China history of industrial technological transformation.
Experts attributed the achievement to the introduction of foreign advanced technology and unremitting efforts for technological innovation and cost control.
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