China's largest oil refiner Sinopec has received approval from the State Council to build a US$3.1 bln petrochemical complex in the northern municipality of Tianjin. Construction of the new complex will start in the first half of this year and is scheduled for completion in 2008. The plant includes a one mln tpa ethylene cracker, a refinery able to process 12.5 mln tons of crude oil a year, and other facilities to produce petrochemical products such as polyethylene and polypropylene.
Sinopec rival PetroChina is also looking to build a similar sized petrochemical complex in Tianjin to tap the huge potential of China's petrochemical market. The huge market potential in China's petrochemical sector is attracting both domestic and foreign oil majors including BP, Royal Dutch Shell and Saudi Aramco, to scale up investment in the country.
05-Jan-06 
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