Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
China's CNPC breaks ground on $9.5-billion refinery, petchem complex
11 December 2018IHS Markit Chemical Expert
IHS Markit Chemical Week's latest coverage of CNPC unveils their
latest competitive strategies. Get the clearest possible view of
your position in relation to CNPC with IHS Markit
Company Strategies and Performance.
China National Petroleum Corp. (CNPC), the parent of PetroChina,
has broken ground on a 65.4-billion renminbi ($9.5 billion)
refinery and petrochemical project at Jieyang, Guangdong Province,
China, according to the China Daily. The project is a 60-40 joint
venture (JV) between CNPC and Petroleos de Venezuela (PDVSA). Wang
Yilin, chairman of CNPC, attended the ground-breaking ceremony. The
complex will have a refining capacity of 400,000 b/d, as well as
capacity for 1.2 million metric tons/year (MMt/y) of ethylene and
2.6 MMt/y of aromatics. Downstream products will include
polyethylene, polypropylene, and styrene. PDVSA will supply some of
the crude oil to the refinery. Test runs at the planned complex are
expected to take place in late 2021 with full start-up to follow.
The Jieyang project received approval from China's National
Development and Reform Commission in 2012 and the plant was
originally due to start up in 2015. But an environmental assessment
of the project was not published until March 2018. Several
adjustments were made to the project in the meantime including the
addition of petrochemical capacities, according to press reports.
Guangdong has become a hub for major petrochemical investments
based on ethylene plants. China National Offshore Oil Corp. and
Shell completed a major expansion of their JV at Huizhou,
Guangdong, earlier this year and ExxonMobil announced plans in
September to build a wholly owned complex at Huizhou. Sinopec is
slated to complete a refinery-petchem complex at Zhanjiang,
Guangdong, in 2019-20 and BASF announced a $10-billion petchem
investment at Zhanjiang in July.