BEIJING, Aug 19 (Reuters) - China Petroleum and Chemical Corp, also known as Sinopec, has launched the first phase of the Gulei refining complex in Zhangzhou city in China’s southeastern Fujian province, the company said in a statement on Thursday.
The refining complex, a 50:50 joint venture between Sinopec’s Fujian Petrochemical Company Ltd and Taiwan Xuteng Investment Company Ltd, invested 27.8 billion yuan ($4.28 billion) in the first phase.
That will result in an 800,000 tonnes per annum ethylene plant, a 600,000 tonnes per annum styrene unit and seven other downstream petrochemical units, Sinopec said.
The complex targets to churn out 18 chemical products, including polypropylene, ethylene glycol and styrene, with total output reaching 3 million tonnes per year.
“The launch of the project will provide high-quality raw materials for industries such as plastics, rubber, textiles, clothing, electronics and instrument manufacturing in Zhangzhou and the surrounding areas,” said Sinopec.
Sinopec said it is accelerating development of the second phase of the project, which will boost annual ethylene capacity at the complex to 1.4 million tonnes and drive total chemical output to 4.2 million tonnes. ($1 = 6.4948 Chinese yuan renminbi) (Reporting by Muyu Xu and Shivani Singh; Editing by Ramakrishnan M.)