Sinopec Joint Venture Refinery Starts Operation

Workers change the billboard at a Sinopec gas station in Fuzhou, Fujian province. [Photo/China Daily]

Gulei Refinery, a 50:50 joint venture between China Petrochemical Corp, or Sinopec Group, and Xuteng Investment Co Ltd from China's Taiwan, was put into operation on Aug 19, Sinopec said.

The project is a major vehicle to step up refinery integration between the two sides of the Taiwan Straits. With an estimated annual value of production exceeding 26 billion yuan ($4 billion), the project will further optimize the company's refinery layout while promoting common prosperity across the Taiwan Straits, it said.

Located in Zhangzhou in Fujian province, the plant aims to produce high-end chemical products, including polypropylene, ethylene glycol and styrene, said the company.