PetroChina Fushun Petrochemical Breaks Ground for Large-scale Oil Refining and Ethylene Production Project

abarrelfullabarrelfull wrote on 22 May 2012 12:19

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18 August, 2006

PetroChina Company Limited ("PetroChina" or the "Company", SEHK: 0857; NYSE: PTR) announced today the groundbreaking for a new complex at Fushun Petrochemical Company, a branch company of PetroChina located in Liaoning Province. The project is expected to boost the annual oil refining and ethylene production capacities of Fushun Petrochemical to 10 million tons and one million tons respectively.

Being PetroChina's prime project in its eastern business territory, the construction of the new complex at Fushun Petrochemical bears strategic significance to the Company's growth, which helps PetroChina optimize its crude oil resources allocation in Northeastern China, improve and streamline the structure of its refining and petrochemical businesses, as well as quicken the pace of implementation of combined strategies of resources, marketing and internationalization to enhance the Company's competitiveness as a whole.

The new complex comprises thirteen large-scale main installations, including an 8-million-ton atmospheric vacuum unit and an 800,000-ton ethylene producing unit. Key refining facilities are scheduled to complete construction and start operation in September 2008, with remaining units being planned to be completed and be put into service in June 2009. Chemical facilities are expected to begin operation in June 2010. Upon completion, Fushun Petrochemical will have a capacity of producing six million tons of high-end gasoline and diesel whilst adding 1.8 million tons of chemicals to its product mix per annum.

Setting the layout of "large-scale refining and chemicals production" in a specific zone, Fushun Petrochemical is destined to become the biggest integrated refining and petrochemical base in Northeastern China following the full completion and operation of the new facilities. The project would also serve to spur the development of related industries and local economy in a positive way.

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