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Construction work on what is slated to be one of China's largest refinery projects commenced on Donghai Island, Zhanjiang, on December 20 after preparatory work was completed.
When finished, the refinery project will be jointly run by Chinese state-owned company Sinopec and Kuwait National Petroleum Co, as each company owns a 50 percent stake.
Guangdong officials and delegates from Sinopec visit the construction site in Zhanjiang's Donghai Island at the commencement ceremony of the oil refinery project on Dec 20. [Photo by Lang Shuchen, Wu Zhiheng/zhanjiang.gov.cn]
The commencement ceremony was hosted by Dai Houliang, general manager of Sinopec Group, and attended by Guangdong Provincial Party Committee Secretary Hu Chunhua, Guangdong Governor Zhu Xiaodan, and Wang Yupu, chairman of the board of Sinopec Group.
The joint venture has received more than 35 billion yuan ($5 billion) of investment during the first phase of construction.
The oil refinery project spearheaded by China and Kuwait starts full construction. [Photo by Wu Zhiheng, Liu Jicheng/zjdaily.com.cn]
The project is expected to produce 10 million tons of refined oil and 800,000 tons of ethylene per year, generating approximately 60 billion yuan and contributing 23 billion yuan in taxes.
Zhu congratuled the project's full construction on behalf of the Guangdong provincial Party committee and provincial government, and pledged full support to the project.
Pile drivers work on ground. [Photo/zjphoto.yinsha.com]
Wei Hongguang, Party Secretary of Zhanjiang, said Zhanjiang will speed up comprehensively the construction of supporting industrial park and investment attraction from middle and lower reaches of the industry, to make greater contributions to Guangdong's coordinated development.
According to Zhanjiang Development and Reform Bureau, projects absorbing a total investment of 100 billion yuan in key sectors of steel, papermaking and petrochemistry will yield gross output valued at 300 billion yuan five years later.