MOSCOW (MRC), Sinopec is pushing an expansion project that can produce up to 1 million tonnes of ethylene and refined oil annually in the Hainan Free Trade Zone, said Companynewshq.
It is estimated that this project will fuel growth of downstream industries with more than 100 billion RMB (14.1 billion US dollars) and become a new engine for regional economic development.
On the basis of the original project, ten sets of equipment for chemical production, three sets of equipment for oil refining as well as supporting facilities will be built.
The project will also support Hainan in accelerating the development of leading industries including energy storage and petrochemical production, and effectively expand the scale of import and export.
Ethylene and propylene are feedstocks for producing PE and PP.
According to MRC’s ScanPlast report, Russia’s estimated PE consumption totalled 383,760 tonnes in the first two month of 2020, up by 14% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased due to the increased capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.
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