Sinopec mulls 10 bln yuan investment in Lianyungang Port

China Petrochemical has inked an agreement to invest over 10 billion yuan to build a petrochemical base at Lianyungang Port, Jiangsu Province. As part of its first phase, the company will complete the base comprising of 300,000 ton handling capacity for crude oil, an oil depot with a capacity of 4.5 million m3 and a pipeline to transport crude oil from the East China Sea to Lianyungang Port. Upon completion of this, a complex has been planned including a 10 mln tpa crude oil refinery and 1 mln tpa ethylene plant. A receiving facility for liquefied natural gas will also be complete at the port.