MOSCOW (MRC) -- PetroChina has started a 33.9 B yuan (USD5.33 B) program to expand the petrochemical capacity at a subsidiary plant in northeast China and cut refined fuel production, according to a company post and state media report, said Hydrocarbonprocessing.
The state oil and gas major's move is in line with a trend within the Chinese industry to reduce fossil fuel output as demand is set to peak, while raising production of higher-value petrochemicals that are imported by the Asian country.
Under the revamp, PetroChina's Jilin Petrochemical Corp plans to add 21 more facilities - including a 1.2-MMtpy ethylene unit - and mothball seven units, parent company CNPC said on Wednesday, without providing further details.
The new facilities will also include a 600,000-tpy unit to manufacture acrylonitrile butadiene styrene, an impact-resistant plastic, local state newspaper Jilin Daily reported, without citing details on project completion.
After the revamp, the Jilin province-based subsidiary will produce 2.63 MM tons less of refined fuel a year but 2.8 MM tons more of petrochemicals.
As MRC informed previously, PetroChina, Asia's largest oil and gas producer,aims to have oil, gas and green energies to each account for a third of its portfolio by 2035, as the Chinese oil major shifts toward a lower-carbon future.
We remind that in August, 2021, PetroChina Liaoyang Petrochemical Co Ltd , part of the Chinese petrochemical major - PetroChina,successfully started up its new polypropylene (PP) plant last week. Based in Liaoning City, Liaoyang Province, China, the new PP plant has a production capacity of 300,000 tonnes per year.
PetroChina Company Limited, is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It is China's biggest oil producer.
MRC