China National Offshore Oil Corp (CNOOC) has completed building an integrated refining and petrochemical complex in eastern China, state news agency Xinhua reported. 

The CNY 21 billion ($2.9 billion) project, built on the Daxie Island of eastern coastal city Ningbo, Zhejiang province, includes what CNOOC calls the country's largest facility that directly converts heavy oil into olefins. 

A core unit brought onstream can produce 1.2 MMtpy of polymer-grade ethylene and propylene, basic feedstocks for beverage bottles, food packaging and synthetic fibre clothing, the report said. 

Following the startup, the plant's olefins capacity will reach 1.8 MMtpy, it said, without giving any details on the expanded refinery at the same site.

Source: Sina