September 29, 2024 – Sinopec Group has recently granted approval for the foundational design of the million-ton ethylene project at Luoyang Petrochemical, signaling the imminent commencement of its full-scale construction phase. This venture, constituting the largest individual industrial investment during Henan Province’s 14th Five-Year Plan, boasts a total investment of 27.8 billion yuan. It aims to establish 13 process production units, including a 1-million-ton-per-year ethylene plant, alongside adaptive modifications to refining facilities.
The project, nestled within the Advanced Manufacturing Development Zone of Mengjin District, Luoyang, encompasses multiple units such as ethylene, pyrolysis gasoline hydrogenation, and aromatics extraction. The overall project budget, excluding value-added tax, is set at 26 billion yuan. Anticipated to be completed and operational by December 2025, it promises an annual increment of 20 billion yuan in output value and 1.8 billion yuan in tax revenue. This endeavor holds profound implications for enhancing China’s petrochemical industry layout, addressing gaps in the central and western regions’ petrochemical chains, and fostering the development of Henan’s green petrochemical advanced materials industrial base, as well as bolstering Luoyang’s economic growth.
According to insights from the Color Masterbatch Industry Network, the advancement of Luoyang Petrochemical’s million-ton ethylene project will further underpin Luoyang’s pursuit of becoming a green petrochemical advanced materials industrial base. Leveraging this project, Luoyang intends to accelerate the extension and supplementation of the ethylene downstream chain, driving the petrochemical industry’s transformation towards scale, high-end quality, and eco-friendliness. The city aspires to emerge as a domestically leading hub for green petrochemical advanced materials.
Meanwhile, Sinopec’s 1-million-ton-per-year ethylene refining and petrochemical integration project in Yueyang, Hunan, is also progressing rapidly. Topping the list of Hunan’s “Top Ten Industrial Projects” in 2024, the site preparation work is in full swing, with the refinery’s auxiliary modification project advancing steadily. With a total investment of 35.68 billion yuan, this marks the largest single industrial investment in Hunan’s history. Upon completion, it is expected to yield an annual gross output exceeding 100 billion yuan and stimulate downstream investments surpassing 150 billion yuan. Significant strides have been made in construction preparations, including the completion of the general construction layout and infrastructure planning, laying a solid foundation for the project’s seamless progression.