Published on July 14, 2017

Zhejiang Petrochemical has started construction of the first phase of its refining and petrochemical complex on the island  of Zhoushan, near Shanghai, in Zhejiang province.

This Petrochemical's project will consist of two 400,000 barrels-per-day oil refineries and two 1.4 million tonnes-a-year ethylene plants, according to an environmental evaluation paper from the Zhejiang provincial government dated May 3.The project is part of Beijing's efforts to bring private investors into the country's state-controlled energy sector. It has also raised concerns of a growing domestic glut in oil products, especially in eastern China where diesel and gasoline demand eased.