Sinopec Shanghai Petrochemical to Boost Operations with $2.91B Investments

Sinopec Shanghai Petrochemical Company has announced plans to invest 21.31 billion yuan ($2.91 billion) to upgrade its operations aimed at maintaining the company’s crude oil processing capacity and implement other operational improvements.

As part of the project, the company will shut down 18 existing oil refining units and install new ones. These new units are expected to have an annual ethylene refining capacity of 1.20 million tons, as Reuters reported.

The company anticipates completing the main construction phase of the project within three years, pending shareholder approval.

The project will improve the variety and production capacity of its new material products and increase the production of raw materials, said Sinopec Shanghai Petrochemical.