First Pile Driven in Fuqing as China Flexible Packaging Group Starts RMB 15 Billion Zhongjing PP Project

That morning, the Zhongjing 800,000-tonne polypropylene project drove its first pile at the Fuqing Petrochemical Science and Technology Park. Invested by China Flexible Packaging Group with RMB 15 billion, it is the largest project to break ground at this year's Cross-Strait Trade Fair, signaling that construction of the park has moved into a substantive phase. It was also the biggest domestic-investment project signed across the province at last year's fair and the province's largest project to start construction during this year's May 18 period.

China Flexible Packaging Group is a globally leading producer of biaxially oriented polypropylene (BOPP) film, and its products are widely used at home and abroad in medical packaging, food packaging, daily chemicals, trademark printing, vacuum metallization and other fields. To accelerate upstream industrial upgrading, form an efficiently clustered flexible packaging industry chain at scale as soon as possible, and improve the comprehensive competitiveness of its products in the market, the group invested in and built a petrochemical science and technology park in the Fuqing Jiangyin Industrial Concentration Zone. The park is reported to cover 2,000 mu and involve total investment of RMB 15 billion, annually producing 1.6 million tonnes of polypropylene resin and 2 million tonnes of propylene from propane dehydrogenation, with total output value reaching RMB 45 billion.

The Zhongjing 800,000-tonne polypropylene project is expected to be completed and put into operation in June 2013. The current phase involves investment of RMB 7 billion, annually producing 800,000 tonnes of polypropylene with an output value of RMB 12 billion, while driving RMB 10 billion in the downstream industry chain. China Petrochemical Corporation (Sinopec) will conduct project evaluation, feasibility studies, technology transfer, engineering design, technical support and technical services for the project. Supporting facilities also include a 50,000-tonne liquid chemical terminal and a tank farm with annual refrigerated storage and transport capacity of 1 million tonnes of propane and propylene.

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