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Petrochemical Giant Starts Ethylene Renovation Project
A major renovation project costing 4.48 billion yuan began recently at the Yangzi Petrochemical Co Ltd, under the China Petrochemical Corp, to increase ethylene production.
Upon completion of this joint-investment project, being conducted in cooperation with Germany's chemical giant BASF, Yangzi will be able to produce annually 1.25 million tons of ethylene, 1.2 million tons of plastic, 1.6 million tons of polyester raw materials and one million tons of organic chemical raw materials.
The project, expected to be put into operation in the latter half of the year 2002, has been listed as a key technological renovation project enjoying state financial support.
Domestic demand for Ethylene was estimated at over seven million tons this year, while only 4.6 million tons could be produced.
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