Sinopec invests 5.17 billion yuan to optimize the refining structure of Yangzi Petrochemical! Including the construction of a 2.6 million tons/year residue hydrogenation plant and a 2.8 million tons/...

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According to Sinopec, the refinery restructuring project under Sinopec’s Yangzi Petrochemical has recently commenced. The total investment in this project is 5.17 billion yuan, and it covers an area of approximately 25.5 hectares. Upon completion of the project, it will be possible to increase the production of high-quality, clean petroleum products without altering the original crude oil processing capacity or increasing pollutant emissions. According to officials from Sinopec, the refining structure adjustment project at Yangzi Petrochemical is a key project for both Sinopec and the Jiangbei New Area in Nanjing. It includes 8 major projects, such as the construction of a 2.6 million tons per year residue hydrogenation unit and a 2.8 million tons per year catalytic cracking unit. The aim of this project is to achieve transformation and upgrading, as well as improved quality and efficiency; it focuses on increasing the production of chemical raw materials in order to make the most of the advantages of integrated refining and chemical production. The construction period for the project is approximately 20 months, with completion expected in 2023. It is understood that the oil refining structure adjustment project is a practical measure taken by Yangzi Petrochemical to meet the requirements for high-quality development in the Yangtze River Economic Belt; it serves as a stepping stone for integrating into Sinopec’s industrial framework of \"one foundation, two wings, and three innovations\" and for establishing an integrated petrochemical base in Nanjing. Upon completion of the project, it will be possible to increase the production of high-quality, clean petroleum products without altering the capacity for primary processing of crude oil or increasing pollutant emissions. At the same time, the production of low-value-added products such as diesel and petroleum coke will be reduced, thereby enabling further optimization of the product mix and improvement of the industrial chain. The project will also meet the highest current safety and environmental standards, which makes it highly significant for optimizing the industrial structure of Yangzi Petrochemical, promoting the upgrading of related industrial chains in the surrounding area, and contributing to the regional transformation and development. At present, China’s energy structure, industrial structure, and economic structure are undergoing a deep transformation toward green and low-carbon development. Sinopec is also accelerating its energy transition and industrial upgrading. The aforementioned official said that Sinopec will accelerate the development of advanced refining capacities, vigorously promote oil conversion, build a number of large-scale ethylene plants, and drive the high-quality development of the aromatic chemicals industry chain and fine chemical sector. It is understood that recently, Sinopec’s Tianjin high-end new materials project cluster, which involves an investment of 60.3 billion yuan, was launched. With the 1.2 million tons per year Nangang ethylene plant as its core, 11 key projects are planned to be developed, and these projects will play a positive role in facilitating the transformation of the traditional petrochemical industry into one that is more advanced, intelligent, sustainable, and integrated.