Jiangsu Province plans to invest a total of US$ 12.2 bln (RMB 83.1 bln) in nine petrochemical projects over the next three years. Jiangsu oilfield contributes largely to the output of the petrochemical industry of the Province, producing 420,800 tons of crude oil and 13.49 mln cubic meters of natural gas in Q1-09.
CNOOC Ltd plans to embark on a refining project with a potential annual output value of US$2.2 bln (RMB 15 bln) in Taizhou, Jiangsu Province this year, with first stage planned to go into operation in 2011. BASF-YPC Co Ltd, a large-scale 50:50 JV between BASF and Sinopec will expand its second-stage ethylene project to meet market demand. Jiangsu Chengxing Phosph-Chemical Co Ltd plans to set up a terephthalic acid (PTA) project with estimated annual output of 600,000 tons to be completed in March 2010. Another petrochemical company, based in Xuzhou, Jiangsu Province, will start a methyl alcohol project with predicted yield of 1.5 million tons per year.