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Wood secures USD120 MM contract with Sinopec for ethylene expansion

January 14/2021

MOSCOW (MRC) -- Wood has secured a contract valued at over USD120 million with Sinopec Hainan Refining and Chemical Limited Company (Sinopec) to provide engineering, procurement and construction (EPC) services to expand its refinery development in the Hainan Free Trade Zone (FTZ) in South China, according to Hydrocarbonprocessing.

Once completed, the ethylene renovation and expansion project will produce up to one million tonnes of ethylene derivatives and refined oil on an annual basis and is expected to boost economic growth in Chinas downstream sector by more than 100 billion yuan (USD14.1 billion). Output from the Hainan FTZ will serve ethylene demand across China and globally.

Under the new contract, EPC services for the sitewide pipe rack and associated pipework, cables for power, telecommunications and lighting will be delivered by Woods engineering and project management teams based in Shanghai and on site.

Mike Collins, Woods Executive President of Projects comments: We are delighted to win this new contract with Sinopec which demonstrates the strength of our long-standing relationship with the client and their confidence in our extensive EPC expertise in the petrochemical sector.

We look forward to continuing our partnership to deliver this project safely, sustainably and on-time, making a positive contribution to this significant development.

Wood is uniquely placed to leverage our engineering design expertise and global petrochemical track record to play a significant role in the growth of Sinopecs business and the economic development of Hainan, boosting the local supply chain.

As MRC reported earlier, in late December 2020, SIBUR Holding, Russias leading petrochemicals company and one of the most rapidly growing petrochemicals businesses globally, and China Petroleum & Chemical Corporation (Sinopec), Chinas leading energy and chemical company, closed the deal to set up a joint venture (JV) at the Amur Gas Chemical Complex after obtaining all the necessary approvals from the regulators of both countries. SIBUR and Sinopec will hold interest in the JV in the amount of 60% and 40%, respectively.

Ethylene is the main feedstocks for the production of polyethylene (PE).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports.

Sinopec Corp. is one of the largest scale integrated energy and chemical company with upstream, midstream and downstream operations. Its principal business includes: exploring, developing, producing and trading crude oil and natural gas; producing, storing, transporting and distributing and marketing petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products. Its refining capacity and ethylene capacity rank No.2 and No.4 globally. Sinopec listed in Hong Kong, New York, London and Shanghai in August 2001.


mrcplast.com
Author:Margaret Volkova
Tags:PE, crude and gaz condensate, HDPE, ethylene, petrochemistry, Sibur Holding, Sinopec, China, Russia.
Category:General News
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