Sinopec and Hunan Province signed a cooperation framework agreement on the ethylene refining and chemical integration project

Sinopec Group Co.
, Ltd.
announced that on March 22, Sinopec and Hunan Province signed a cooperation framework agreement on the integration of ethylene refining and chemical projects in Yueyang.
People sign the project investment agreement
.

In addition, according to the WeChat public account "Baling Petrochemical", from March 3 to 4, the feasibility study report evaluation meeting of the 1.
5 million t/a ethylene refining and chemical integration project in Yueyang area was held in the form of a video conference
.

The summary meeting of the evaluation meeting read out the "Expert Group Opinions of the Comprehensive Evaluation Meeting on the Feasibility Study Report of the 1.
5 million t/a Ethylene Refining and Chemical Integration Project in Yueyang Area", and believed that the construction of the project is in line with Sinopec's development strategy and the industry development trend of reducing oil and increasing chemicals.
, which will help Baling Petrochemical Company and Changling Branch to improve and extend the industrial chain, which is of exemplary significance for the transformation and development of enterprises along the Yangtze River, and will promote the cooperation between Sinopec and Hunan Province as well as local economic development
.

It is understood that in April last year, Sinopec held talks with senior leaders of Hunan Province and reached a consensus on jointly promoting the ethylene project
.
In December last year, the Hunan Provincial People's Government and Sinopec jointly sent a letter to the National Development and Reform Commission to discuss that the project should be included in the national "Petrochemical Industry Planning and Layout Plan" to realize the project's storage
.
On January 14 this year, the leaders of Hunan Province negotiated with the leaders of Sinopec Group and made it clear that they will accelerate the project feasibility study and demonstration in accordance with the progress requirements of "Sinopec's Approval of the Feasibility Study Report in March"
.
Sinopec and the local government negotiated the conditions for the project to enter the park in February, and initially drafted the cooperation framework agreement between Hunan Province and Sinopec on the project, and the investment agreement between Yueyang City and the two factories
.