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Investing.com -- China National Offshore Oil Corp (CNOOC (NYSE:CEO)) has completed construction of an integrated refining and petrochemical complex in eastern China, according to state news agency Xinhua on Friday.
The 21 billion yuan ($2.9 billion) facility is located on Daxie Island in the eastern coastal city of Ningbo, Zhejiang province. CNOOC describes the complex as housing the country’s largest facility for direct conversion of heavy oil into olefins.
A core unit that has been brought online can produce 1.2 million metric tons per year of polymer-grade ethylene and propylene. These are basic feedstocks used in the manufacturing of beverage bottles, food packaging, and synthetic fiber clothing.
With this startup, the plant’s total olefins capacity will reach 1.8 million tons per year. The report did not provide specific details about the expanded refinery at the same site.
In March, it was reported that the complex included an upgrade that expanded crude processing capacity at the Daxie plant by 50% to 240,000 barrels per day, while a smaller crude unit was mothballed.
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