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MOSCOW (MRC) -- Top Chinese state
refiner Sinopec Corp said on Tuesday it had started up a USD6 billion new
refinery and petrochemical plant in south China, making it the country’s third
integrated complex to start operations in the past 18 months or so, reported Reuters.
The Sinopec venture,
situated in coastal city of Zhanjiang, comprises a 200,000 barrel per day (bpd)
crude oil refinery and an 800,000 tonne-per-year ethylene facility, built at a
cost of 44 billion yuan (USD6.2 billion), Sinopec said in a
statement.
Two other complexes with combined refining capacity of 800,000
bpd have started up since early 2019, one built by privately-controlled Hengli
Petrochemical Corp and the other by Zhejiang Petrochemical Corp.
Sinopec
said its project would bring new investment worth 200 billion yuan to Guangdong
province and thousands more jobs by supporting the manufacture of high-grade
plastics, electronics and chemicals.
The new plant operates a 300,000
tonnage crude oil terminal and also berths that can dock vessels with capacity
to carry 100,000 tonnes of refined products, Sinopec said.
As MRC informed earlier,
in October 2019, Sinopec SABIC Tianjin Petrochemical Co. (SSTPC), a 50-50 joint
venture of Sinopec and SABIC, began construction on an ethylene expansion
project in Tianjin Province, China. The project will boost the company's
ethylene capacity to 1.3-million t/y from 1-million t/y currently. Cost and a
schedule for the project were not given.
Ethylene and propylene are
feedstocks for producing polyethylene (PE) and polypropylene
(PP).
According to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 721,290 tonnes in the first four
month of 2020, up by 4% year on year. Low density polyethylene (LDPE) and linear
low density polyethylene (LLDPE) shipments grew partially because of the
increased capacity utilisation at ZapSibNeftekhim. At the same time, PP
shipments to the Russian market totalled 347,440 tonnes in January-April 2020
(calculated by the formula production minus export plus import). Supply
exclusively of PP random copolymer increased.
China Petrochemical
Corporation (Sinopec Group) is a super-large petroleum and petrochemical
enterprise group established in July 1998 on the basis of the former China
Petrochemical Corporation. Sinopec Group"s key business activities include the
exploration and production of oil and natural gas, petrochemicals and other
chemical products, oil refining. |
