On November 18, the foundation-laying ceremony for the China-Korea Joint Venture Guangdong Refining and Chemical Integration Project was held in Zhanjiang, Guangdong Province. The project has a total investment of 59 billion yuan, and Sinopec and Kuwait Petroleum each hold 50% of the shares. The project is designed to have a refining capacity of 15 million tons per year and an ethylene production capacity of 1 million tons. There will be 20 sets of refinery equipment such as atmospheric and vacuum distillation and hydrocracking, and 13 sets of chemical equipment such as polyethylene and polypropylene. According to the preliminary plan, the project refining segment will be completed by the end of 2014 and the chemical sector will be completed by the end of 2015. The picture shows the groundbreaking ceremony. (Reported by our reporter Qu Zhaogui)

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