CNPC to Spend $2.4 Billion on Upgrades to Produce Cleaner Fuel

China National Petroleum Corp., the nation’s biggest energy company, will spend 15 billion yuan ($2.4 billion) to upgrade the quality of fuel it refines, General Manager Zhou Jiping said.

The money would allow CNPC to upgrade the standard of its fuel to China IV from China III, Zhou said in Beijing yesterday at annual meetings of the Chinese People’s Consultative Conference. The cost of upgrading to China V from IV would be less, he said.