MOSCOW (MRC) -- China’s National Development and Reform Commission has approved Sinopec’s planned Longkou LNG terminal at Yantai Port in Shandong Province, China, according to Tank Storage.
The terminal will cover an area of 84.5 ha. Sinopec will construct four 220,000 m3 storage tanks, and a berth capable of handling ships with a capacity of up to 266,000 m3 of LNG.
The terminal will have a transfer capacity of 6 million tpa and gasification export facilities with a capacity of 34 million m3 per day.
Sinopec already operates LNG terminals in Shandong, which it announced it was expanding in August 2021, and in Tianjin, which is also undergoing expansion works.
The company is also building a 15m t/y LNG terminal in Zhoushan, China.
As MRC informed before, in August, 2021, Sinopec, the world's petrochemical major, launched the first phase of the Gulei refining complex in Zhangzhou city in China’s southeastern Fujian province. The refining complex, a 50:50 joint venture between Sinopec’s Fujian Petrochemical Company Ltd and Taiwan Xuteng Investment Company Ltd, invested 27.8 billion yuan (USD4.28 billion) in the first phase. That will result in an 800,000 tonnes per annum ethylene plant, a 600,000 tonnes per annum styrene unit and seven other downstream petrochemical units, Sinopec said.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group's key business activities include the exploration and production of oil and natural gas, petrochemicals and other chemical products, oil refining.