Yueyang 1 million-ton ethylene project: Official approval granted for the overall design of the ethylene production phase of the Yueyang ethylene project to enter the implementation stage

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On January 10, Sinopec Group Corporation officially approved the overall design for the ethylene section of the Yueyang Ethylene Project, and in principle agreed to the project’s overall process flow, construction scale, and product plan. This is another major breakthrough achieved in the preliminary stages of the project, marking the official entry of the project construction into the implementation phase. The Yueyang ethylene project has a total investment of 35.68 billion yuan, making it the largest industrial project in Hunan to date in terms of investment amount. It includes 18 chemical processing units in total: 14 units related to ethylene production, such as a new facility capable of producing 1 million tons of ethylene per year and another facility for the hydrogenation of cracked gasoline at a capacity of 500,000 tons per year; and 4 units for the upgrading of oil refining facilities, including a new hydrocracking unit with a capacity of 3 million tons per year, a sulfur recovery unit with a capacity of 60,000 tons per year, a solvent deasphalting unit with a capacity of 1 million tons per year, and units for the upgrading of atmospheric and vacuum distillation processes with a combined capacity of 10 million tons per year. Once the project is completed and put into operation, it is expected to generate annual revenue of 64.7 billion yuan, with an annual investment contribution rate of around 15%, and it will be able to attract investments of over 150 billion yuan. 　　Currently, the refinery upgrade component of the ethylene project received approval on March 29, 2024, and has entered the stage of actual construction. The 3,000-mu main site area for the ethylene facility has seen its land leveled, and the land for the project has been officially handed over to Hunan Petrochemical. Pile testing work has commenced, and the relocation of power and gas infrastructure was completed as scheduled. Construction of supporting facilities such as roads and land leveling in the Baling old area is also being carried out at full speed.