- China recently completed the construction of the second phase of the Zhenhai oil refinery project, increasing the project’s capacity to 40 million tonnes per year and the oil refining capacity of the Ningbo Petrochemical Base, which includes the project, to 50 million tonnes (about 367.5 million barrels) per year.
China Petrochemical Corporation (Sinopec), which oversees the project, said the total investment in the second phase was 41.6 billion yuan (about $5.79 billion), while 18 units of advanced equipment were installed, making the base the largest, most technologically advanced and competitive in the country.
According to Xinhua, the second phase of the project will produce about 8 million tonnes of related products annually, including new advanced materials and advanced chemical products, supporting and enhancing the competitiveness of high-end industrial chains such as automobiles, home appliances and textiles in the Yangtze River Delta region.
