Zhejiang begins construction of China’s first private petchem complex

According to Reuters, Zhejiang Petrochemical began construction of China’s first private oil refining and petrochemical complex in Shanghai, China on July 10.

The complex includes two oil refineries with a production capacity of 400,000 barrels/day each and two ethylene plants with a combined capacity of 1.4 million tons/year. Although the company did not give an exact start-up date, Reuters had reported last year that it was likely to start production by 2020.

According to the reports, this project is a part of the government’s target to attract foreign investment into the country’s energy sector and to meet the growing domestic demand for oil products.