18 November 2011 03:31 [Source: ICIS news]
SHANGHAI (ICIS)--Sinopec and Kuwait Petroleum Corp (KPC) held a ground breaking ceremony at their 50:50 joint venture complex at Zhanjiang in Guangdong on Friday, Sinopec said in a news release.
The refinery and petrochemical complex will consist of a 15m tonne/year refinery, a 1m tonne/year cracker and several downstream facilities including polyethylene (PE), polypropylene (PP), ethylene vinyl acetate (EVA) and ethylene glycol (EG) plants, it said.
Sinopec did not disclose the capacity of the downstream plants.
The refinery is expected to be started up in 2013 and the cracker is scheduled to be started up in 2015, a Sinopec source said.
The projects, which will involve a total investment of yuan (CNY) 59bn ($9.3bn), were approved by China’s National Development and Reform Commission (NDRC) in March 2011, the source added.
It is the largest petrochemical and refinery joint venture between China and Kuwait to date, and the crude requirement of the complex will be provided by KPC, added the source.
Additional reporting by Fanny Zhang.
($1 = CNY6.35)
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