By Chen Aizhu and Shu Zhang
By Chen Aizhu and Shu Zhang
SINGAPORE, Jan 2 (Reuters) – China Sinochem Group is anticipated to start out up a brand new crude processing unit and a petrochemical complicated in southeastern China round mid-2020, marking the state agency’s first foray into making petrochemicals, three firm sources stated.
The state-run oil and chemical compounds group is including 60,000 barrels per day of crude processing capability at an current 240,000-bpd refinery in Quanzhou, Fujian province.
It should additionally start operations round June of a petrochemical plant, together with a naphtha cracker that may produce a million tonnes per 12 months (tpy) of ethylene, the sources stated.
The enlargement is a part of a brand new wave of investments in China, led by personal chemical giants Hengli Petrochemical 600346.SS and Zhejiang Rongsheng Holdings, which have boosted output of petrochemicals akin to paraxylene (PX), the important thing uncooked materials for artificial fibre and water bottles. China is the world’s largest petrochemical importer.
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