June 16, 2020 / 11:43 AM / a month ago

China's Sinopec starts up new Zhanjiang refinery complex

FILE PHOTO: The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo

BEIJING/SINGAPORE (Reuters) - Top Chinese state refiner Sinopec Corp said on Tuesday it had started up a $6 billion new refinery and petrochemical plant in south China, making it the country’s third integrated complex to start operations in the past 18 months or so.

The Sinopec venture, situated in coastal city of Zhanjiang, comprises a 200,000 barrel per day (bpd) crude oil refinery and an 800,000 tonne-per-year ethylene facility, built at a cost of 44 billion yuan ($6.2 billion), Sinopec said in a statement.

Two other complexes with combined refining capacity of 800,000 bpd have started up since early 2019, one built by privately-controlled Hengli Petrochemical Corp and the other by Zhejiang Petrochemical Corp.

Sinopec said its project would bring new investment worth 200 billion yuan to Guangdong province and thousands more jobs by supporting the manufacture of high-grade plastics, electronics and chemicals.

The new plant operates a 300,000 tonnage crude oil terminal and also berths that can dock vessels with capacity to carry 100,000 tonnes of refined products, Sinopec said.

Reporting by Muyu Xu in Beijing and Chen Aizhu in Singapore; Editing by Jason Neely and Edmund Blair

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