In recent years, the rapid development of China's petrochemical industry has led to a significant increase in demand for large-scale equipment. According to Wang Tingjun, a senior engineer at Sinopec, it is estimated that annual investment in petrochemical equipment will reach 30 billion yuan during the 11th Five-Year Plan period. He emphasized that Sinopec alone will invest approximately 28 billion yuan each year in fixed assets, and when combined with investments from CNPC, CNOOC, and local private enterprises, the total industry investment could reach around 100 billion yuan annually.
This growth is driven by the need for more efficient and larger-scale production facilities, as outlined in the "Guidance Catalogue for Industrial Structure Adjustment." Projects with refining capacities below 8 million tons or ethylene production under 600,000 tons per year are now restricted, further pushing the industry toward large-scale equipment. Wang explained that this shift requires not only increased investment but also advanced technologies in design, manufacturing, and materials.
Sinopec is currently expanding several major facilities, including Zhenhai, Maoming, and Shanghai refineries, each with an annual capacity of 10 million tons. The Maoming ethylene project, costing 4.3 billion yuan, is underway, while Fujian’s 8-million-ton refinery and 800,000-ton ethylene plant is set to begin soon. In Qingdao, a 10-million-ton refinery project worth 11 billion yuan is already under construction.
CNPC is also making significant moves, with Dalian Petrochemical launching a 20-million-ton sulfur-containing crude oil refinery and Lanzhou and Fushun working on 10-million-ton refineries. Meanwhile, CNOOC has started the 12-million-ton Huizhou refinery, with a total investment of 16.9 billion yuan.
The scale of these projects highlights the massive capital required. Building a petrochemical plant typically costs between 500 million and 1 billion yuan, while a 10-million-ton refinery can cost over 10 billion, and a million-ton ethylene plant may require more than 20 billion yuan.
Wang pointed out that the expansion of petrochemical equipment is not just about size—it demands improvements in design, manufacturing, transportation, and material science. Despite progress, China still faces challenges in meeting the high-pressure, high-temperature, and corrosive conditions of modern petrochemical operations. Ensuring reliable performance, safety, and environmental compliance remains a key focus for the industry.
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