New petrochemical production bases and oil depots in the Yangpu Economic Development Zone in China are likely to cost Hainan Province CNY5bn ($732m), according to Chinese officials.
Following this project, Yangpu, with its 8 million tonne refinery, will be home to a 1.2 million tonne terephthalic acid project, a 1.2 million tonne ethylene project and a 3 million tonne sikkim project in the near future.
Yangpu will also be built into a large hub for the transportation and storage of petroleum, according to a member of National People's Congress, Wang Jiquan, reports chinaknowledge.com.
