Sinopec Shanghai Petrochemical Invests 21.3 Billion Yuan in Transformation and Upgrading
Sinopec Shanghai Petrochemical Company announced that it plans to invest 21.31 billion yuan (2.91 billion U.S. dollars) in operational upgrades, aiming to maintain the company's crude oil processing capacity and implement other operational improvements.
As part of the project, the company will shut down 18 existing refining units and install new units. According to Reuters, these new units are expected to have an annual ethylene refining capacity of 1.2 million tons.
The company expects to complete the main construction phase of the project within three years after obtaining shareholder approval.
Shanghai Petrochemical said the project will improve the company's new material product varieties and production capacity and increase raw material output.
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