China Petroleum & Chemical Corporation has started constructing a ¥20bn ($2.9bn) petrochemical plant and a commercial oil storage base in Tieshan, Guangxi to relocate its refinery.
The ¥12.6bn ($1.8bn) first phase of the relocation project will include a 200,000 million tonnes per year polypropylene project, a 300,000dwt crude oil port, a 3.2 million tonnes per year crude oil commercial reserve base and the Beihai-Nanning oil products pipeline project.
The second phase will build a refinery with capacity of 10 million tonnes per year, according to istockanalyst.com.
