(Reuters) – Sinopec Shanghai Petrochemical Company said on Tuesday it will upgrade its operations by investing 21.31 billion yuan ($2.91 billion).
To maintain its capacity in crude oil processing and make other operational upgrades, the company will shut down existing 18 sets of oil refining devices and install new ones, it said.
The new installations will have a capacity to refine 1.20 million tons of ethylene per year, it added.
The company expects to complete the construction of the main project in a span of three years, subject to approval of its shareholders.
Sinopec Shanghai Petrochemical said the project will improve the variety and production capacity of its new material products and increase the production of raw materials.
($1 = 7.3310 Chinese yuan renminbi)
(Reporting by Sherin Sunny in Bengaluru; Editing by Mrigank Dhaniwala)
