China National Petroleum Corporation’s Guangdong petrochemical project was put into commercial operation on Tuesday, the company said.
Located in Jieyang of Guangdong province, the project has a total investment of 65.4 billion yuan ($9.41 billion) and processes 20 million tons of crude oil per year, along with 1.2 million tons of ethylene products and 2.6 million tons of paraxylene.
The company has linked the project with efforts to promote supply-side structural reform and accelerate the transformation and upgrading of the refining and chemical business in China.
As a project of refining and chemical integration capable of producing a full range of petrochemical products, including more than 20 kinds of oil products and 200 kinds of chemical products, the Guangdong plant is also key for the Guangdong-Hong Kong-Macao Greater Bay Area strategy.
The products will be used in many high-end industries including aerospace, railway and maritime transportation, agriculture, medical treatment, construction, electronics and electrical appliances.
The project will reduce dependence of Guangdong's industries, such as household appliances and electronics, on chemical materials from external sources to a large extent while nurturing middle and downstream industries worth about 560 billion yuan in the province.