Substantial progress has been made on the Yan’an 10-million-ton petrochemical integration project of Yanchang Petroleum Group

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Recently, the Luochuan Industrial Park Management Committee issued a announcement regarding the results of the bidding (award) for the preparation of the regional climate feasibility study report for the Luochuan Industrial Park. The winning bidder is the Shaanxi Climate Center. It is reported that in order to ensure the smooth implementation of the Yanchang Petroleum’s 10-million-ton refining and chemical integration transformation project, and in accordance with the requirements set by the meteorological authorities and industry standards, it is planned to commission a third-party agency to prepare a regional climate feasibility study report for the Luochuan Industrial Park. By 2025, substantial progress will have been made on the 10-million-ton petrochemical integration project in Yan’an operated by Yanchang Petroleum Group. The 10-million-ton refining and chemical integration project in Yan’an is a key initiative by Yanchang Petroleum to promote industrial upgrading and establish a modern energy and chemical industry framework. The project involves the construction of 35 units, including ones with a capacity of 10 million tons per year for atmospheric and vacuum distillation as well as 1 million tons per year for ethylene, along with related infrastructure; meanwhile, 3 existing units will be relocated and upgraded. The total investment for this project amounts to 81.936 billion yuan. Once the project is completed and put into operation, it will produce 5.48 million tons of refined oil and 3.3 million tons of chemical products annually. It is expected to generate annual revenue of 58.7 billion yuan and tax revenues of 19.1 billion yuan, with an internal rate of return on total investment of 10.02%. The project will bring significant benefits in terms of industrial development as well as economic and social outcomes.