Sinopec: 200 billion to build four major refining bases

On March 2, the Sinopec Information Office announced that during the “Thirteenth Five-Year Plan” period, Sinopec plans to invest 200 billion yuan to optimize and upgrade the four world-class refining bases in Maozhan, Zhenhai, Shanghai and Nanjing.  

At present, Zhenhai, Shanghai and Nanjing bases are pursuing their preliminary work in accordance with the principles of relying on existing facilities, facilities, and intension to maximize their potential. The optimization, upgrading, and construction of the Mao-Zhan base will be fully accelerated. Maoming Petrochemical's optimized structural adjustment project was promoted smoothly. Sinopec Refining and Petrochemicals was fully started on December 20, 2016. The first phase was designed for 10 million tons/year of oil refining and 800,000 tons/year of ethylene. In the process of optimization and upgrading, Sinopec will actively report, communicate and coordinate with relevant national ministries and commissions, local governments and partners to ensure compliance with the national petrochemical industry policies, in-depth integration with the local economy, and collaborative development with partners.  

Wang Yupu, chairman of China National Petrochemical Corporation, said that the optimization and upgrading of the four world-class refining bases is an inevitable trend to adapt to the global petrochemical industry clustering and large-scale development, as well as deepening the supply-side structural reforms and leading the transformation and upgrading of China’s petrochemical industry. The overall strategic move to mid-to-high end is an important means to improve Sinopec’s own competitiveness. Sinopec will use the most advanced international production technology and energy-saving emission reduction standards to promote the optimization and upgrading of the base, to demonstrate the transformation and upgrading of China's petrochemical industry.  

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