China: Plastics instead of Oil 24 Billion Dollar Refinery for Aromatics Production
Rongsheng Petrochemical is currently building a refinery on Zhoushan island that will produce 400,000 barrels-per-day by 2018, and will double this capacity by 2020, Shou Bochun, a general manager at the trading arm of the privately owned company, told Bloomberg.
Beijing/China — Once completed, the facility would rank among the top refineries in Asia, rivaling those in India and South Korea. According to Bloomberg, Hangzhou-based Rongsheng plans to consume all of the plant’s output of naphtha, a key ingredient in the manufacture of petrochemicals, while minimizing production of diesel and fuels. At maximum capacity, the refinery will be able to produce 10.4 million metric tons a year of aromatics including paraxylene and 2.8 million tons of ethylene.
This underlines China's ambition to increase its domestic production of precursors for plastics and synthetic materials such as clothing and consumer packaging.