Fujian Petrochemical Co., Ltd., a 50-50 joint venture between top Asian refiner Sinopec Corp. (SNP.NYSE; 00386.HK; 600028.SH) and Fujian Petrochemical Industrial Group Co., Ltd., would build an integrated refining complex in Gulei of Zhangzhou city in Fujian Province in cooperation with another company from Taiwan, according to a release by Sinopec.
Corner stone of the project was laid on Dec. 14 with the presence of industry insiders and policy makers. Fujian Petrochemical would hold 50 percent shares of the JV with Xuteng Investment Co., Ltd. from Taiwan holding the remaining 50 percent.
In the first phase, a 1-million-tonne/year ethylene production facility, 13 production facilities in the downstream as well as wharf and thermoelectricity projects would be built. Partial production facilities would come on stream in 2018, said the release.
Involving 35.5 billion yuan of investment, the phase-I project would produce 300,000 tonnes of ethylene vinyl acetate (EVA) and 300,000 tonnes of ethylene oxide (EO) each year.
In March 2013, the National Development and Reform Commission issued preliminary approval for the integrated project including a 16-million-tonne/year refinery and 1.2 million tonnes of ethylene production capacity.
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