China's Oriental Energy signs MOU for 660,000 tpy petrochemical complex in China
By Seng Li Peng / Reuters
Petroleumworld 11 22 2018
China's Oriental Energy Co Ltd has signed a memorandum of understanding (MOU) to develop a petrochemical complex in Jiangsu, China, the company told Reuters.
The facility will be located at the city of Lianyungang, with development costs estimated at 10 billion yuan ($1.4 billion), Oriental Energy said in an emailed statement.
China has ambitious plans to develop several petrochemical sites, mainly along its coastline, to meet rising demand.
Oriental, a distributor of liquefied petroleum gas (LPG) and chemicals, said it had been chosen for the project by the local government.
Lianyungang has been earmarked as one of the country's petrochemical hubs, it said, connecting neighbouring industrial cities to sea routes.
The complex would initially consist of a liquified petroleum gas (LPG) import and storage facility able to accommodate a very large gas carrier (VLGC), Oriental said.
It would also have a 660,000 tonnes per year (tpy) propane dehydrogenation plant (PDH) and a 400,000 tpy polypropylene (PP) production unit.
$1 = 6.9472 Chinese yuan renminbi
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