PetroChina all set to expand Daqing ethylene project
Source: Fibre2fashion News Desk - China Date: 2007-12-24
Daqing Petroleum & Chemical Company, one of the PetroChina units under China National Petroleum Corp (CNPC), is on its way to become the largest ethylene production base, if it completes the expansion project to double its capacity to 1.2 million tons.
For this, PetroChina has planned the construction of a 6000,000 tons ethylene device by the end of December.
According to industrial sources the investment of 6 billion yuan required, will be raised from floating the IPO for the Daqing ethylene project.
Ethylene production in China has, for long, remained restricted. However, with the completion of this project, the country will be in a position to support the chemical industry.
A major component for the production of synthetic fibre, ethylene will immensely help in boosting the textile industry as well.
Recently, PetroChina procured a sum of 66.8 billion yuan through its IPO and became the world’s largest company by market capitalization, for a while.
