China Sinochem Group is expected to start up a new crude processing unit and a p...
SINGAPORE - China Sinochem Group is expected to start up a new crude processing unit and a petrochemical complex in southeastern China around mid-2020, marking the state firm’s first foray into making petrochemicals, three company sources said.
It will also begin operations around June of a petrochemical plant, including a naphtha cracker that can produce one million tonnes per year of ethylene, the sources said. The 32.5 billion yuan investment is a pivotal part of Sinochem’s growth strategy. The state group is seeking a multi-billion-dollar stock listing for its energy department, and believes petrochemicals can add value to its dominant refining and oil trading business.
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