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At the Fujian Private Enterprise Development Conference held on June 22, Fuhua Gulei Petrochemical Company, a subsidiary of Fujian Petrochemical Group, signed a joint venture agreement with the global fiber giant Tongkun Group to jointly invest in the construction of a 2-million-ton polyester fiber production facility at the Gulei Petrochemical complex. At the same time, Fuhua Gulei Petrochemical Company, Tongkun Group, and the Gulei Development Zone Management Committee signed a project investment agreement at the meeting. In line with the requirements set by the Fujian Provincial Party Committee for establishing a new \"6-4-5\" industrial system, Fujian Petrochemical Group has formulated a \"1-2-3-4-5-6\" development strategy for the 14th Five-Year Plan period. Adhering to the development principles of \"park-based operation, integration, industrial chain development, world-class scale, advanced technologies, and smart factories\", the group is committed to building a petrochemical industry worth 100 billion yuan. Investing in the polyester fiber production project is an important measure taken by Fujian Petrochemical Group to keep up with the development trends of the petrochemical industry and accelerate the development of its entire industrial chain. Additionally, according to a statement from Tongkun Shares, the investment amount for this project is approximately 15 billion yuan. It is planned to acquire around 1,800 mu of land for the new main factory complex, in order to achieve an annual production capacity of 2 million tons of polyester fibers. The project also involves building 500 texturing machines and 2,000 weaving machines. At the same time, the joint venture with Tongkun Group fully demonstrates the complementary strengths of both parties and a powerful alliance between them. Tongkun Group has long ranked first among world’s polyester filament manufacturers in terms of production capacity and output. It has been included in the list of China’s Top 500 Enterprises for 19 consecutive years, holding a leading position in the fiber industry. With extensive industry experience as well as technical and managerial advantages, it will establish close upstream and downstream connections with Fujian Petrochemical Group.