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22^nd Oct 2024: With a total investment of 27.8 billion yuan, a new million-ton ethylene project was launched.

• The total investment of Luoyang Petrochemical's million-ton ethylene project is 27.8 billion yuan, mainly to build 13 sets of process production units such as 1 million tons/year ethylene, and implement oil refining adaptability transformation at the same time.
• The project is located in the Advanced Manufacturing Development Zone of Mengjin District, Luoyang City and it is distributed in the Changling and Baling areas of the park: 
  • The Changling section is located in the northeast of the Changling area of ​​the park, referred to as the Xinchang New District, with a land area of ​​201.05 hectares, all of which are newly acquired land.
  • The Baling section is located on the south side of the Baling Petrochemical Company's refining department, with a total land area of ​​approximately 46.4 hectares, of which 27.26 hectares are newly acquired land; the expansion of the cogeneration unit is located in the thermal power department, with a land area of ​​approximately 19.14 hectares, and does not involve additional land acquisition.
• On December 22, 2023, China Petroleum & Chemical Corporation and Henan Shenma Guoxing Industrial Investment Co., Ltd. signed an investment cooperation intention agreement. The two parties will jointly invest to establish a joint venture to jointly build the Luoyang Petrochemical million-ton ethylene project and create a first-class green petrochemical advanced materials industry base in China.
• On September 12, 2024, Sinopec Group approved the basic design of Luoyang Petrochemical's million-ton ethylene project, marking that the Luoyang Petrochemical's million-ton ethylene project will enter the full construction stage. The construction content of Luoyang Petrochemical Million Tons of Ethylene Project includes the construction of:
  • a new 1 million tons/year ethylene unit,
  • a 600,000 tons/year cracking gasoline hydrogenation unit,
  • a 400,000 tons/year aromatics extraction unit,
  • a 300,000 tons/year m-LLDPE unit,
  • a 350,000 tons/year HDPE unit, and
  • a 350,000 tons/year 3# polypropylene unit.
• The project is scheduled to be completed and put into operation in December 2025.
• After the project is put into production, it can sell about 3 million tons of various chemical products each year, increase the output value by 20 billion yuan, drive more than 160 billion yuan of downstream industrial chain investment, and form an industrial cluster of "hundreds of billions of investment and 10,000 jobs.

(Source)