It is reported that Sinopec parent company, Sinopec Group, plans to invest CNY 100 billion in Fujian province over the next 10 years reports the Oriental Morning Post. It signed an agreement with the Fujian provincial government on September 26 to develop the petrochemical industry in the coastal province.

Sinopec Group will help Fujian Lianhe Petrochemical solve technical problems in its ethylene factories expand capacity at the oil refineries of Sinopec Fujian Refinery Industry and Gulei Refinery Industry. Sinopec Group will also build a sales network of refined oil, natural gas and caprolactam.

Fujian governor Su Shuling said the petrochemical industry will become the one of the three pillar industries in the province.

(Sourced from www.capitalvue.com)