BEIJING (Oct. 11, 3:20 p.m. ET) — Sinopec is starting work on a large-scale coal-based petrochemical project in the southwest province of Guizhou.
With an investment of 18 billion yuan (US$2.8 billion), the first phase will consist of a 600,000-ton-per-year methanol-to-olefins unit, a 300,000-ton low density polyethylene facility, and a 300,000-ton polypropylene plant, all using Sinopec's own technology.
The project broke ground on Sept. 28 in Zhijin county. All three phases will draw a total of 61 billion yuan (US$9.6 billion) of investment, 52 billion (US$8.2 billion) in coal-based petrochemical production, Beijing-based Sinopec said in a release.