Rongkai Chuanyi

30

2011

-

11

Sinopec is planning to build its largest refining and petrochemical project!!

Source:

Recently, a reporter learned from Sinopec Group that the company has signed an agreement with Lianyungang City on an integrated refining-and-chemicals project, under which it will establish the nation’s largest refining-and-chemicals complex—with a capacity exceeding 30 million tonnes—in this region, which has just been approved as a national demonstration zone for east–central–west regional cooperation. At the same time, this move signifies that Sinopec is proactively positioning itself within this demonstration zone. Lianyungang City is strategically located to the south of the Yangtze River Delta, to the north of the Bohai Bay, and across the sea to the east of Northeast Asia; moreover, via the Longhai Railway, it is connected to central and western China as well as Central Asia, giving it a crucial strategic role in the coordinated development of China’s regional economies. The reporter learned that preliminary preparatory work for the project has already begun, and the initial investment estimate is expected to exceed
　　Recently, a reporter learned from Sinopec Group that the company has signed an agreement with Lianyungang City on an integrated refining-and-chemicals project, under which it will establish the nation’s largest refining-and-chemicals facility—with a capacity exceeding 30 million tonnes—in this region, which has just been approved as a national demonstration zone for east–central–west regional cooperation. At the same time, this move signifies that Sinopec is proactively positioning itself within this demonstration zone.
　　Lianyungang City is strategically positioned to the south of the Yangtze River Delta, to the north of the Bohai Bay, and to the east across the sea adjacent to Northeast Asia; meanwhile, via the Longhai Railway, it is connected to central and western China as well as Central Asia, giving it a pivotal strategic role in the coordinated development of China’s regional economies.
　　According to reports, preliminary preparatory work for the project has already begun, with initial investment estimated to exceed RMB 100 billion. The project will be developed in two phases: Phase I will comprise a 12-million-ton-per-year refinery and a 1-million-ton-per-year PX plant, while Phase II will include a 20-million-ton-per-year refinery and a 1-million-ton-per-year ethylene plant, among other facilities.
　　To support the implementation of the integrated refining and petrochemical project, Sinopec will also concurrently construct a 300,000-dwt crude oil terminal, a 5-million-cubic-meter crude oil storage facility, and a 5-million-ton LNG receiving terminal.
　　Notably, Lianyungang boasts deep-water port facilities that can accommodate large crude-oil tankers, thereby securing a stable supply of upstream feedstock for refineries. In addition, the city is well-connected to the national rail, road, and waterway networks, facilitating efficient product distribution. According to local authorities, the Xuyu New Area in Lianyungang is accelerating the clustering of large-scale port-oriented industries such as steel and petrochemicals.
　　At present, China’s major oil and gas giants—Sinopec, PetroChina, and CNOOC—are stepping up the development of large-scale refining and petrochemical projects. However, most of these facilities have a capacity of around 10 million tonnes, with only two at the 20-million-tonne level and none at the 30-million-tonne level. By launching such massive refining and petrochemical projects, Sinopec will inevitably leverage its scale advantages to reduce unit production costs, thereby lowering the manufacturing costs of gasoline and diesel. This, in turn, will exert competitive pressure on PetroChina, CNOOC, and other players in the industry.

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