Asia's top refiner Sinopec is planning a new joint venture refinery and petrochemical complex to consolidate its foothold in South China.

"We are right on track, negotiating with overseas partners to build a refinery and petrochemical complex in Guangdong Province. Its processing capacity will be 12 million tons, while the petrochemical plant will roll out 800,000 to 1 million tons of ethylene (a year)," Sinopec President Wang Tianpu said on Friday.

By "overseas partners" Wang meant Royal Dutch Shell, Kuwait Petroleum Corp and Dow Chemical Co.