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Foundation for new PetroChina's ethylene plant laid
01 Mar '06
2 min read
PetroChina Company Limited announces that it breaks ground on an ethylene plant in Sichuan Province. The petrochemical facility will have an annual capacity of 800,000 tons of ethylene, the first ever complex of such scale in China's southwestern region.
PetroChina owns 51 percent of the project, which has a total investment of approximately RMB21 billion. Chengdu Petrochemical Co Ltd. owns the remaining 49 percent stake. Construction of the complex situated in the outskirts of Chengdu City is expected to be completed by 2010.
Upon completion, the plant will raise production of petrochemicals such as polyethylene and glycol to effectively meet heavy demands in the under supplied southwestern region and strengthen PetroChina's position in the petrochemicals market. It will also help boost the local economy and provide employment opportunities.
Mr. Duan Wende, Senior Vice President of PetroChina, and officials from the central government and the Sichuan provincial government attended the groundbreaking ceremony.
Project Background
In March 2003, PetroChina and the Sichuan provincial government agreed to jointly develop an 800,000-ton ethylene complex to help increase supply in China's southwestern region, where petrochemicals are otherwise largely sourced from the country's manufacturers in the eastern coastal region and from overseas.
In October 2004, PetroChina completed a feasibility study and environmental impact report for the planned ethylene plant. The project was approved by the State Environmental Protection Administration of China on April 14, 2005, and the National Development and Reform Commission on December 13, 2005.
Beijing based PetroChina is the largest producer of crude oil and natural gas and one of the largest companies in China in terms of sale. Currently, all of the Company's petroleum and natural gas reserves and production-related assets are located in China.
PetroChina owns 51 percent of the project, which has a total investment of approximately RMB21 billion. Chengdu Petrochemical Co Ltd. owns the remaining 49 percent stake. Construction of the complex situated in the outskirts of Chengdu City is expected to be completed by 2010.
Upon completion, the plant will raise production of petrochemicals such as polyethylene and glycol to effectively meet heavy demands in the under supplied southwestern region and strengthen PetroChina's position in the petrochemicals market. It will also help boost the local economy and provide employment opportunities.
Mr. Duan Wende, Senior Vice President of PetroChina, and officials from the central government and the Sichuan provincial government attended the groundbreaking ceremony.
Project Background
In March 2003, PetroChina and the Sichuan provincial government agreed to jointly develop an 800,000-ton ethylene complex to help increase supply in China's southwestern region, where petrochemicals are otherwise largely sourced from the country's manufacturers in the eastern coastal region and from overseas.
In October 2004, PetroChina completed a feasibility study and environmental impact report for the planned ethylene plant. The project was approved by the State Environmental Protection Administration of China on April 14, 2005, and the National Development and Reform Commission on December 13, 2005.
Beijing based PetroChina is the largest producer of crude oil and natural gas and one of the largest companies in China in terms of sale. Currently, all of the Company's petroleum and natural gas reserves and production-related assets are located in China.
PetroChina Company Limited
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