On December 26, 2017, the Gulei Refining and Chemical Integration Project, the largest petrochemical industry joint venture and cooperation project on both sides of the Taiwan Strait, officially started construction in Zhangzhou City, Fujian Province. This project is another practice to promote the integration of the petrochemical industry on both sides of the strait. It is of great significance for advancing the deep integration of the petrochemical industry on both sides of the strait, jointly responding to international market competition, driving local economic development, and promoting the peaceful development of both sides of the strait.
The Gulei Refining and Chemical Integration Project is a leading project in Zhangzhou Gulei Petrochemical Industrial Park. It was approved by the Development and Reform Commission of Fujian Province in January 2016 and was jointly constructed by Fujian Refining and Chemical Co., Ltd. and Xuteng Investment Co., Ltd. each with a 50% stake. On November 7, 2016, the two sides held an unveiling ceremony at the 2016 Cross-Strait Entrepreneur Summit Annual Meeting in Xiamen, and officially established Fujian Gulei Petrochemical Co., Ltd. The first phase of the project mainly includes 800,000 tons/year of ethylene and 9 sets of downstream deep processing chemical plants, as well as supporting public works, wharfs and storage and transportation facilities. The total investment is estimated to be 27.88 billion yuan.
