December 26, 2007 -- State-owned Sinopec Group will complete a 12.5 billion yuan (US$1.7 billion) refinery in Qingdao, Shangdong province, before the end of the January, the state-owned China Daily newspaper reported Tuesday. The refinery is expected to produce 7.6 millions tons of refined old a year, the newspaper reported,and will help meet China's increasing demand for oil. Construction on the plant began in the summer of 2005.