On June 27, Sinopec Tianjin Branch, Jiangyin Chengxing Industrial Group Co., Ltd. and Tianjin Development Zone signed an investment letter of intent. The two companies will cooperate in the construction of aromatics, PTA project in Tianjin Nangang Industrial Zone.
The Standing Committee of the Tianjin Municipal Committee, Zhang Yuzhuo, Secretary of the Tianjin Binhai New Area Party Committee, said that Sinopec and Jiangyin Chengxing Group are leading enterprises in the petrochemical industry. They are strong and experienced, and have a good cooperation foundation with Tianjin Binhai New Area. It will further promote the healthy and rapid development of the petrochemical industry in Tianjin Binhai New Area. Tianjin Binhai New Area will provide the best quality service environment, fully support the project construction, and fully support the enterprises to continuously achieve new and greater development.
The Sinopec Tianjin Branch, Jiangyin Chengxing Industrial Group Co., Ltd. cooperated in the construction of aromatics. The PTA project covers an area of about 1.4 square kilometers. Among them, the investment of 1 million tons/year aromatics project is about 5.5 billion yuan, and the annual output value after commissioning is about 9.8 billion yuan, plans to start construction before the end of 2018, completed and put into operation during the '13th Five-Year Plan period; 2.2 million tons / year PTA project investment of about 4 billion yuan, is planned to be put into operation simultaneously with the aromatics project, with an annual output value of about 11 billion yuan.