On Feb 6, the Qinzhou Port area of the China (Guangxi) Pilot Free Trade Zone (FTZ) continued making progress on the Guangxi Branch of PetroChina's transformation and upgrading project.

The project is a major national petrochemical industry planning project with a total investment of about 30.5 billion yuan ($4.5 billion). It is planned to be completed and put into operation in 2025. After it is put into operation, its estimated annual output value will be 30 billion yuan, and its tax revenue will reach 3 billion yuan.

The project will build a 1-million-metric-ton ethylene cracking and downstream deep processing unit by relying on PetroChina's 10 million ton petroleum project.

After completion, the production capacity of ethylene, propylene, butadiene and other basic chemical raw materials will increase by 2.76 million tons, and high value-added products such as high-end polyolefin and Ethylene Vinyl Acetate (EVA) will be developed.

At present, this project involves 158 people, nine excavators, and five forklifts. The construction personnel has already cleared an area of about 10,000 square meters.

An excavator works on the transformation project. [Photo/WeChat account: gh_df8bc987e060]