Zhejiang Petrochemical starts construction of first phase of oil refining and petrochemical complex

17-Jul-17

Zhejiang Petrochemical has started construction of the first phase of its oil refining and petrochemical complex on the island of Zhoushan, near Shanghai, in Zhejiang province, the official Xinhua news agency reported. Reuters reported last year that the project was likely to be operational by 2020.
Zhejiang Petrochemical's project will consist of two 400,000 bpd oil refineries and two 1.4 mln tpa ethylene plants, according to an environmental evaluation paper from the Zhejiang provincial government dated May 3. Textile maker Rongsheng Holding Group, petrochemical maker Juhua Group and Tongkun Group, are the main financiers of the 173 bln yuan (US$25.44 bln) project, the environmental document showed. The investors will borrow more than 120 billion yuan in bank loans to finance the project, the document said.