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Sinopec to boost Tianjin portfolio with $10.7b
Published on: 2020-11-19
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sinopec 01China Petroleum & Chemical Corp will invest 70 billion yuan ($10.7 billion) in Tianjin to break ground for an ethylene production base and new downstream material industrial clusters during the 14th Five-Year Plan period (2021-25), said a senior company executive.

The annual production capacity of the ethylene base will reach 1.2 million metric tons. Other major projects include massive industrial upgrade for liquefied natural gas expansion, hydrogen energy and lubricants in the coastal city's Nangang Industrial Zone and Binhai New Area, said Yu Xizhi, vice-president of the company, which is better known as Sinopec Corp.

"The moves are aimed at implementing the strategy proposed for inclusion in the 14th Five-Year Plan, and indicate that technological innovation is key to the country's industrial competence," Yu said.

A series of investments in petroleum-related and new material sectors are already underway as both Tianjin and Sinopec have ambitious plans to foray into trading in crude oil, natural gas and chemical products and set up a new industrial fund based on the Haihe Fund, the city's top investment fund, during the next five years.

Yang Maorong, director of Binhai New Area, noted the current annual production capacity of the petroleum-related sector and the new materials sector reached 250 billion yuan and 87.3 billion yuan, respectively.

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