Chinese state-controlled refiner Sinopec aims to spend 200bn yuan ($29bn) by 2020 to expand and upgrade plants in four regions as it looks to develop larger, more competitive refining and petrochemical clusters. The plans focus on south China's Maoming-Zhanjiang area and Zhenhai, Shanghai and Nanjing in the east. Sinopec aims to have at least 2.6mn-2.7mn b/d of crude processing and up to 9mn t/yr (443,000 b/d) of ethylene production capacity in the four areas by 2020, up by 332,000-432,000 b/d and about 3.45mn t/yr, respectively, from now. The rise will equate to 45pc of Sinopec's refining capacity and 65pc of its ethylene capacity - and 17pc and 31pc, respectively, of China's capacity.
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