CNPC Found 30bcm Gas Field

In early September, U.S. oil giant ExxonMobil announced that it would build a $10 billion mega-petrochemical project in Huizhou, Guangdong.

It is heard that in addition to the 1,200kt/a ethylene unit, the chemical complex project also includes matched production lines of polyethylene and polypropylene. ExxonMobil points out that China is a key market for its $20 billion chemical investment plan by 2025.

In July, BASF, a German chemicals giant, signed a deal with Guangdong government to invest $10 billion in Zhanjiang, Guangdong and build a global chemical production base. In May, the second phase of CNOOC and Shell Petrochemicals’ project was put into operation in Daya Bay Petrochemicals Industrial Park, and the scale of refining-chemical integration in Huizhou ranked the first in China. In April, Borealis signed a deal to build its first investment project in China, and the project would locate in Daya bay, Huizhou. In addition, the China-Kuwait refining project located in Zhanjiang is under construction, and is expected to be put into production by the end of 2019. After being put off for several years, the China-Venezuela petrochemical project is also expected to resume.

In term of the market, Guangdong, as China's largest economic province with a population of over 100 million, is a huge market itself. At present, Guangdong is accelerating its transformation and upgrading, and has a relatively large demand for new materials and new industrial feedstock. Moreover, Guangdong is located in the coastal areas of South China, with developed transportation and convenient access to the inland and international markets, making it an ideal place to lay out world-class petrochemical projects. In terms of cost, Guangdong is close to the Middle East crude oil produ