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The nation has approved a US$2 billion refining project by China National Petroleum Corp in Guangxi to meet demand for fuel products in the southwest.

The project, CNPC's first large-scale refinery in the south, will be its major foray in China's southern fuel market, which is now dominated by top Asian refiner China Petrochemical Corp, or Sinopec Group.

CNPC is the country's largest oil producer and second largest refiner.

The refinery, to be located in the city of Qinzhou, in the Guangxi Zhuang Autonomous Region, will have an annual processing capacity of 10 million tons of crude oil, the National Development and Reform Commission, China's top economic planner, said late on Tuesday.

Sinopec has been asking for an equity stake in the project for the past two years. According to earlier reports, this stake could be 30 percent.

The NDRC statement didn't specify whether CNPC would be the sole investor in the project.

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