[photopress:zone_Yangpu_Industrial_Park.jpg,full,alignright]A one-million-ton ethylene project will be sited in Yangpu Development Zone in the northwestern part of the Hainan island province by the Sinopec Group. This will be the largest ethylene project in China.
With the approval of the National Development and Reform Commission, Hainan Province and Sinopec will jointly formulate and put forward the plan and start construction of the project at the end of 11th Five-Year Plan period (2006-2010).
According to cooperation agreement, Sinopec will undertake the project market research and feasibility study and draw up investment plan, and Hainan Province will be responsible for making environmental appraisal and building supporting water, power, gas and other public projects.
Fang Xiaoyu, vice governor of Hainan Province, stated that the and backed up by existing eight-million-ton oil refinery project in the development zone, the ethylene project will extend the petrochemical industrial chain and make the province’s petrochemical industry bigger and stronger.
At present, ethylene product is in great demand in China, with nearly 40% of the supply imported.