Daqing Petrochemical Co., plans to double ethylene production to 1.2 mln tpa, at an estimated investment outlay of up to CNY15 bln (US$2.2 bln). The project is planned for completion by 2012 despite the uncertain outlook for the global petrochemicals industry as mega projects in Asia and the Middle East made during the past few years come online.
Daqing Petrochemical, located by PetroChina's flagship Daqing oil field in Heilongjiang province, plans to process 6 mln tons of crude oil this year, equivalent to 120,000 bpd. This represents a rise of 3.4% on the 5.8 mln tons of crude run through the refinery last year, and will be achieved despite planned maintenance beginning around the second quarter of this year. This unit of PetroChina Co. also plans to take a catalytic cracker with an annual capacity of 1.2 mln tons offline for maintenance some time between May and July.