BEIJING, June 17 (Xinhua) -- The China-Kuwait refining and chemical integration project, a joint venture project launched by China Petrochemical Corporation (Sinopec Group), China's largest oil refiner, and Kuwait National Petroleum Company (KNPC), a state-owned petroleum company of Kuwait, started production on Tuesday, reported Shanghai Securities News.
Located in Donghai Island of Zhanjiang City, south China's Guangdong Province, the project consists of an oil refining project with an annual output of 10 million tonnes, an ethylene project with an annual output of 800,000 tonnes and related supporting projects.
It will widely use China's self-developed advanced refining and chemical production equipment technology, with localization rate exceeding 95 percent, the highest in the country.
The key refining unit of the project is completely localized from process technology to core equipment, reaching the domestic leading and international advanced level.
The continuous reforming and ethylene oxide and other core refining and chemical equipment adopt Sinopec's self-produced catalysts instead of imported ones for the first time.
It will mainly produce motor gasoline and diesel that meet the State VI emission standard, aviation kerosene and high-end chemical products.
With a total investment of 44 billion yuan in phase I, the project is expected to realize 60-odd billion yuan of annual output as well as 26-odd billion yuan of annual profits and taxes, and drive more than 200 billion yuan of new investment in the midstream and downstream industries like new plastic materials, electronic chemicals, fine chemicals in Zhanjiang and west Guangdong.
As a pivotal project under the Belt and Road Initiative (BRI) and China's energy and chemical development strategy, it will become a new engine for Zhanjiang's economic development, and inject strong impetus into the economic construction of the Guangdong-Hong Kong-Macao Greater Bay Area. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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