On the morning of July 10, 2017, the Zhejiang Provincial Party Committee and Provincial Government held the fourth batch of concentrated commencement activities for major projects to expand effective investment across the province. This includes the highly anticipated first phase of the 40 million ton/year refining and chemical integration project of Zhejiang Petrochemical Co., Ltd.
There are a total of 667 major projects under centralized construction in Zhejiang Province, with a total investment of 803 billion yuan. The annual planned investment for 2017 is 155.3 billion yuan.
Among the projects that have started construction, the most eye-catching is the first phase of Zhejiang Petrochemical's 40 million ton/year refining and chemical integration project, with a project investment of 90.1 billion yuan. The high investment amount of this single project, in addition to accounting for the vast majority of Zhoushan's total investment of 97.03 billion yuan, even surpasses the total investment of the other 10 cities in Zhejiang Province.
The total scale of Zhejiang Petrochemical Refining and Chemical Integration Project is 40 million tons/year of oil refining, 8 million tons/year of xylene, and 2.8 million tons/year of ethylene, with a total investment of 173 billion yuan. The planned construction period is from 2017 to 2021, and the construction unit is Zhejiang Petrochemical Co., Ltd.
Project Phase I Main Project Information
The first phase of the project has a scale of 20 million tons/year for oil refining, 4 million tons/year for xylene, 1.4 million tons/year for ethylene, and downstream chemical plants.
The main works of the Phase I project mainly include 20 million tons/year atmospheric and vacuum distillation, 3 million tons/year young hydrocarbon recovery, 3 million tons/year delayed coking, 5 million tons/year residue hydrodesulfurization, 3.8 million tons/year wax oil hydrocracking, 8 million tons/year diesel hydrocracking, 4.2 million tons/year heavy oil catalytic cracking, 2 million tons/year catalytic gasoline hydrogenation, 1.5 million tons/year aviation coal refining, 3.2 million tons/year naphtha hydrogenation, and 8 million tons/year continuous reforming 5.2 million tons/year of aromatics, 450000 tons/year of alkylation, 480000 tons/year of sulfur recovery, 1.4 million tons/year of ethylene, 600000 tons/year of propane dehydrogenation, 900000 tons/year of polypropylene, 260000 tons/year of polycarbonate, 260000 tons/year of acrylonitrile, 90000 tons/year of methyl methacrylate (MMA) and other units.

Project Phase II Main Project Information
The main works of the Phase II project mainly include 20 million tons/year atmospheric and vacuum distillation, 3.6 million tons/year young hydrocarbon recovery, 1.2 million tons/year delayed coking, 5 million tons/year residue hydrodesulfurization, 3.8 million tons/year wax oil hydrocracking, 8 million tons/year diesel hydrocracking, 4.2 million tons/year heavy oil catalytic cracking, 2 million tons/year catalytic gasoline hydrogenation, 1.5 million tons/year aviation coal refining, 3.2 million tons/year naphtha hydrogenation, and 8 million tons/year continuous reforming 5.2 million tons/year of aromatics, 600000 tons/year of alkylation, 600000 tons/year of sulfur recovery, 1.4 million tons/year of ethylene, 600000 tons/year of propane dehydrogenation, 900000 tons/year of polypropylene, and 260000 tons/year of polycarbonate.
Project supporting engineering information
Supporting facilities, including storage and transportation projects, public and auxiliary projects, and environmental protection projects, should be promoted in a timely manner after relevant conditions such as land are complete. The storage and transportation engineering mainly includes refining tank farms, liquid chemical tank farms, solid raw materials and product packaging, and storage and transportation facilities. The public and auxiliary projects mainly include the circulating water plant, water supply system, pre-treatment and drainage system in the wastewater device, air separation device, air compression station, flare system, central laboratory, etc. Environmental protection projects mainly include tank farm oil and gas recovery facilities, process waste gas treatment facilities, ethylene waste alkali liquid treatment facilities, solid waste incineration facilities, hazardous waste temporary storage facilities, accident water tanks, etc.
The multiple external supporting projects supported by the project are uniformly constructed by the Zhoushan Green Petrochemical Base, including docks, seawater desalination, seawater intake and drainage projects, power centers, sewage treatment, solid waste disposal centers, oil depots and oil pipelines, etc. The construction of supporting projects is a key factor to ensure the smooth implementation of the project. Efforts should be made to complete the preliminary work and construction of various supporting projects, and Zhejiang Petrochemical Co., Ltd. should actively cooperate and promote.
Project investment situation
The total investment of the project is 173084.85 million yuan, the construction investment is 157487.19 million yuan, the interest during the construction period is 8814.2 million yuan, and the working capital is 6783.45 million yuan; The investment in the first phase of the project is 90155.5 million yuan, the interest during the construction period is 4599 million yuan, the working capital is 3384.11 million yuan, and the investment in the main project of the first phase is 74831 million yuan.
30% of the total investment in the project is from the company's own funds, while the rest is from bank loans. The shareholder composition and investment ratio of the project are as follows: Zhejiang Rongsheng Holding Group Co., Ltd. contributes 51%, Juhua Group Co., Ltd. contributes 20%, Zhejiang Tongkun Holding Group Co., Ltd. contributes 20%, and Zhoushan Marine Comprehensive Development Investment Co., Ltd. contributes 9%.